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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 23, 2024 (October 23, 2024)
Commission File Number 1-3671
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
13-1673581
State or other jurisdiction of incorporation or organization I.R.S. Employer Identification No.
11011 Sunset Hills Road Reston, Virginia 20190
Address of principal executive offices Zip code


(703) 876-3000
Registrant’s telephone number, including area code


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock GD New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o





Item 2.02    Results of Operations and Financial Condition

On October 23, 2024, General Dynamics announced its financial results for the quarter ended September 29, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.
Item 9.01    Financial Statements and Exhibits
(d)     Exhibits (furnished only)

99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GENERAL DYNAMICS CORPORATION
by /s/ William A. Moss
William A. Moss
Vice President and Controller
(Authorized Officer and Chief Accounting Officer)
Dated: October 23, 2024


EX-99 2 gd-20240929exhibit991.htm EX-99 Document


Exhibit 99.1 
 
bluegdlogo.jpg
11011 Sunset Hills Road  
Reston, Virginia 20190 News
www.gd.com  

Contact: Jeff A. Davis
Tel: 703 876 3483
press@generaldynamics.com


General Dynamics Reports Third-Quarter 2024 Financial Results

October 23, 2024

•Revenue of $11.7 billion, up 10.4% from year-ago quarter
•Operating earnings of $1.2 billion, up 11.7% from year-ago quarter
•Diluted EPS of $3.35, up 10.2% from year-ago quarter
•Operating margin of 10.1%, a 10-basis-point expansion from year-ago quarter


RESTON, Va. – General Dynamics (NYSE: GD) today reported third-quarter 2024 revenue of $11.7 billion, up 10.4% from the third quarter of 2023. Operating earnings of $1.2 billion were up 11.7% from the year-ago quarter. Diluted earnings per share (EPS) were $3.35, up 10.2% from the year-ago quarter. Operating margin for the quarter was 10.1%, a 10-basis-point expansion from the year-ago quarter.

“The company continues to see strong growth and steady improvement in operating performance,” said Phebe Novakovic, chairman and chief executive officer. “Demand across the portfolio also remains strong in the current environment.”

Gulfstream delivered 28 aircraft in the quarter, of which 24 were large-cabin aircraft, including four G700s. This compares with 27 aircraft delivered in the year-ago quarter, of which 22 were large cabin.

Cash and Capital Deployment
Net cash provided by operating activities in the quarter was $1.4 billion, or 152% of net earnings. During the quarter, the company paid $390 million in dividends, invested $201 million in capital expenditures, and used $44 million to repurchase shares, ending the quarter with $2.1 billion in cash and equivalents on hand.

Orders and Backlog
The consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.1-to-1 for the quarter. Company-wide backlog was $92.6 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $45 billion. Total estimated contract value, the sum of all backlog components, was $137.6 billion.



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In the Aerospace segment, orders in the quarter totaled $2.4 billion. The segment ended the quarter with backlog of $19.8 billion.

In the defense segments, orders in the quarter totaled $10.5 billion, with particular strength in the Combat Systems and Technologies segments. Significant awards in the defense segments included $885 million for various munitions and ordnance, with maximum potential value of $1.7 billion; $465 million, with maximum potential value of $1.7 billion, for two U.S. Army contracts for production of 155mm artillery projectile metal parts; $780 million, with maximum potential contract value of more than $6.7 billion including options, for the construction of additional John Lewis-class (T-AO-205) fleet replenishment oilers; $1.5 billion for long-lead materials for Block VI Virginia-class submarines; $840 million, with maximum potential value of $1 billion, for several key contracts for classified customers; and $605 million for multiple awards from the U.S. Space Development Agency to develop and integrate ground systems for the low-Earth orbit satellite network. A detailed list of significant awards is provided in Exhibit I.

About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $42.3 billion in revenue in 2023. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its third-quarter 2024 financial results conference call at 9 a.m. EDT on Wednesday, October 23, 2024. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through October 30, 2024, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its financial results are available at www.gd.com.

This press release contains forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
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EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
  Three Months Ended Variance
  September 29, 2024 October 1, 2023 $ %
Revenue $ 11,671  $ 10,571  $ 1,100  10.4  %
Operating costs and expenses (10,490) (9,514) (976)
Operating earnings 1,181  1,057  124  11.7  %
Other, net 15  19  (4)
Interest, net (82) (85)
Earnings before income tax 1,114  991  123  12.4  %
Provision for income tax, net (184) (155) (29)
Net earnings $ 930  $ 836  $ 94  11.2  %
Earnings per share—basic $ 3.39  $ 3.07  $ 0.32  10.4  %
Basic weighted average shares outstanding 274.4  272.6 
Earnings per share—diluted $ 3.35  $ 3.04  $ 0.31  10.2  %
Diluted weighted average shares outstanding 277.9  274.7 





































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EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
  Nine Months Ended Variance
  September 29, 2024 October 1, 2023 $ %
Revenue $ 34,378  $ 30,604  $ 3,774  12.3  %
Operating costs and expenses (31,005) (27,647) (3,358)
Operating earnings 3,373  2,957  416  14.1  %
Other, net 47  65  (18)
Interest, net (248) (265) 17 
Earnings before income tax 3,172  2,757  415  15.1  %
Provision for income tax, net (538) (447) (91)
Net earnings $ 2,634  $ 2,310  $ 324  14.0  %
Earnings per share—basic $ 9.61  $ 8.45  $ 1.16  13.7  %
Basic weighted average shares outstanding 274.0  273.2 
Earnings per share—diluted $ 9.49  $ 8.39  $ 1.10  13.1  %
Diluted weighted average shares outstanding 277.5  275.4 
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EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
  Three Months Ended Variance
  September 29, 2024 October 1, 2023 $ %
Revenue:
Aerospace $ 2,482  $ 2,032  $ 450  22.1  %
Marine Systems 3,599  3,002  597  19.9  %
Combat Systems 2,212  2,224  (12) (0.5) %
Technologies 3,378  3,313  65  2.0  %
Total $ 11,671  $ 10,571  $ 1,100  10.4  %
Operating earnings:
Aerospace $ 305  $ 268  $ 37  13.8  %
Marine Systems 258  211  47  22.3  %
Combat Systems 325  300  25  8.3  %
Technologies 326  315  11  3.5  %
Corporate (33) (37) 10.8  %
Total $ 1,181  $ 1,057  $ 124  11.7  %
Operating margin:
Aerospace 12.3  % 13.2  %
Marine Systems 7.2  % 7.0  %
Combat Systems 14.7  % 13.5  %
Technologies 9.7  % 9.5  %
Total 10.1  % 10.0  %






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EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
  Nine Months Ended Variance
  September 29, 2024 October 1, 2023 $ %
Revenue:
Aerospace $ 7,506  $ 5,877  $ 1,629  27.7  %
Marine Systems 10,383  9,053  1,330  14.7  %
Combat Systems 6,602  5,904  698  11.8  %
Technologies 9,887  9,770  117  1.2  %
Total $ 34,378  $ 30,604  $ 3,774  12.3  %
Operating earnings:
Aerospace $ 879  $ 733  $ 146  19.9  %
Marine Systems 735  657  78  11.9  %
Combat Systems 920  796  124  15.6  %
Technologies 941  897  44  4.9  %
Corporate (102) (126) 24  19.0  %
Total $ 3,373  $ 2,957  $ 416  14.1  %
Operating margin:
Aerospace 11.7  % 12.5  %
Marine Systems 7.1  % 7.3  %
Combat Systems 13.9  % 13.5  %
Technologies 9.5  % 9.2  %
Total 9.8  % 9.7  %



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EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
 
(Unaudited)
September 29, 2024 December 31, 2023
ASSETS
Current assets:
Cash and equivalents $ 2,101  $ 1,913 
Accounts receivable 3,165  3,004 
Unbilled receivables 8,852  7,997 
Inventories 10,141  8,578 
Other current assets 1,484  2,123 
Total current assets 25,743  23,615 
Noncurrent assets:
Property, plant and equipment, net 6,324  6,198 
Intangible assets, net 1,583  1,656 
Goodwill 20,757  20,586 
Other assets 2,905  2,755 
Total noncurrent assets 31,569  31,195 
Total assets $ 57,312  $ 54,810 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ 2,005  $ 507 
Accounts payable 3,290  3,095 
Customer advances and deposits 10,925  9,564 
Other current liabilities 3,337  3,266 
Total current liabilities 19,557  16,432 
Noncurrent liabilities:
Long-term debt 7,262  8,754 
Other liabilities 7,520  8,325 
Total noncurrent liabilities 14,782  17,079 
Shareholders’ equity:
Common stock 482  482 
Surplus 3,997  3,760 
Retained earnings 40,730  39,270 
Treasury stock (21,137) (21,054)
Accumulated other comprehensive loss (1,099) (1,159)
Total shareholders’ equity 22,973  21,299 
Total liabilities and shareholders’ equity $ 57,312  $ 54,810 



 
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EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 

Nine Months Ended
  September 29, 2024 October 1, 2023
Cash flows from operating activities—continuing operations:
Net earnings $ 2,634  $ 2,310 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment 469  446 
Amortization of intangible and finance lease right-of-use assets 177  195 
Equity-based compensation expense 137  136 
Deferred income tax benefit (107) (158)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable (172) (89)
Unbilled receivables (874) 448 
Inventories (1,612) (1,904)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable 193  (83)
Customer advances and deposits 628  2,171 
Other, net 479  42 
Net cash provided by operating activities 1,952  3,514 
Cash flows from investing activities:
Capital expenditures (561) (600)
Other, net (27) (8)
Net cash used by investing activities (588) (608)
Cash flows from financing activities:
Dividends paid (1,140) (1,068)
Purchases of common stock (183) (434)
Repayment of fixed-rate notes —  (1,250)
Other, net 150  (40)
Net cash used by financing activities (1,173) (2,792)
Net cash used by discontinued operations (3) (4)
Net increase in cash and equivalents 188  110 
Cash and equivalents at beginning of period 1,913  1,242 
Cash and equivalents at end of period $ 2,101  $ 1,352 

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EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
  September 29, 2024 December 31, 2023
Debt-to-equity (a) 40.3  % 43.5  %
Book value per share (b) $ 83.55  $ 77.85 
Shares outstanding 274,968,619  273,599,948 
Third Quarter Nine Months
2024 2023 2024 2023
Income tax payments, net $ 173  $ 167  $ 125  $ 493 
Company-sponsored research and development (c) $ 137  $ 140  $ 421  $ 395 
Return on sales (d) 8.0  % 7.9  % 7.7  % 7.5  %
Non-GAAP Financial Measures:
Third Quarter Nine Months
2024 2023 2024 2023
Free cash flow:
Net cash provided by operating activities $ 1,416  $ 1,321  $ 1,952  $ 3,514 
Capital expenditures (201) (227) (561) (600)
Free cash flow (e) $ 1,215  $ 1,094  $ 1,391  $ 2,914 
  September 29, 2024 December 31, 2023
Net debt:
Total debt $ 9,267  $ 9,261 
Less cash and equivalents 2,101  1,913 
Net debt (f)
$ 7,166  $ 7,348 
(a)Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.

(b)Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.

(c)Includes independent research and development and Aerospace product-development costs.

(d)Return on sales is calculated as net earnings divided by revenue.

(e)We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.

(f)We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position.

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EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
Funded Unfunded Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Third Quarter 2024:
Aerospace $ 18,859  $ 937  $ 19,796  $ 254  $ 20,050 
Marine Systems 29,008  11,463  40,471  9,578  50,049 
Combat Systems 17,289  682  17,971  8,016  25,987 
Technologies 9,794  4,602  14,396  27,093  41,489 
Total $ 74,950  $ 17,684  $ 92,634  $ 44,941  $ 137,575 
Second Quarter 2024:
Aerospace $ 19,126  $ 911  $ 20,037  $ 372  $ 20,409 
Marine Systems 29,912  11,436  41,348  3,983  45,331 
Combat Systems 16,003  673  16,676  5,816  22,492 
Technologies 9,365  3,875  13,240  28,283  41,523 
Total $ 74,406  $ 16,895  $ 91,301  $ 38,454  $ 129,755 
Third Quarter 2023:
Aerospace $ 19,654  $ 405  $ 20,059  $ 785  $ 20,844 
Marine Systems 30,445  17,277  47,722  3,113  50,835 
Combat Systems 14,375  719  15,094  6,098  21,192 
Technologies 9,833  2,852  12,685  27,302  39,987 
Total $ 74,307  $ 21,253  $ 95,560  $ 37,298  $ 132,858 

*The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.






 



 





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EXHIBIT H-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS




chart-7809b3c6cf1a4ba68b4.jpg
Funded Backlog Unfunded Backlog










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EXHIBIT H-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

chart-09b9e9e352f4414ea41.jpgchart-832d6442a18c47f2afa.jpg
chart-6560de7c9a174d0fb94.jpgchart-ff879565ea18401f8e0.jpg
Funded Backlog Unfunded Backlog


















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EXHIBIT I
THIRD QUARTER 2024 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS

We received the following significant contract awards during the third quarter of 2024:
Marine Systems:
•$780 from the U.S. Navy for the construction of an additional John Lewis-class (T-AO-205) fleet replenishment oiler. The contract including options for an additional seven T-AO-205 oilers has a maximum potential value of more than $6.7 billion.
•$1.5 billion from the Navy for long-lead materials for Block VI Virginia-class submarines.
•$100 from the Navy to provide engineering, technical, design and planning yard support services for operational strategic and attack submarines.
•$85 from the Navy for maintenance and modernization on the USS Chung-Hoon, an Arleigh Burke-class (DDG-51) guided missile destroyer.
•$80 for advanced nuclear plant studies (ANPS) in support of the Columbia-class submarine program for the Navy.
Combat Systems:
•$885 for various munitions and ordnance. These contracts have a maximum potential value of $1.7 billion.
•$465 for two contracts from the U.S. Army for the production of 155mm artillery projectile metal parts. These contracts have a maximum potential value of $1.7 billion.
•$395 from the Army for the production of 155mm propelling bag charges.
•$190 from the Army to produce Iron Fist Active Protection System kits.
•$180 from the Army to produce Stryker Sgt. Stout vehicles.
•$100 from the Army for long-lead materials to support the future retrofit of Stryker Sgt. Stout vehicles to a dual Stinger Vehicle Universal Launcher (SVUL) configuration.
Technologies:
•$840 for several key contracts for classified customers. These contracts have a maximum potential value of $1 billion.
•$605 for multiple awards from the U.S. Space Development Agency to develop and integrate ground systems for the low-Earth orbit satellite network.
•$105 from the U.S. Defense Information Systems Agency (DISA) to continue operating and maintaining Pentagon and regional government-furnished network infrastructures. The contract including options has a maximum potential value of $300.
•$185 from the U.S. Department of State (DoS) to manage its global technical security supply chain.
•$135 to provide equipment and tools to the National Oceanic Atmospheric Administration (NOAA) to augment its High-Performance Computing Systems.
•$130 from the National Geospatial-Intelligence Agency (NGA) to provide hybrid cloud services and information technology (IT) design, engineering, and operations and sustainment services.
•$120 from the DoS to provide overseas consular services to support visa application and issuance at U.S. embassies and consulates throughout the world under the Global Support Strategy (GSS) program.
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EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS

Third Quarter Nine Months
  2024 2023 2024 2023
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft 24  22  76  57 
Mid-cabin aircraft 13  15 
Total 28  27  89  72 
Aerospace Book-to-Bill:
Orders* $ 2,365  $ 2,916  $ 7,464  $ 7,119 
Revenue 2,482  2,032  7,506  5,877 
Book-to-Bill Ratio 1.0x 1.4x 1.0x 1.2x

*Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.











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