RESTON, Va., April 28, 2021 /PRNewswire/ -- General
Dynamics (NYSE: GD) today reported first-quarter 2021 net earnings
of $708 million on revenue of
$9.4 billion. Diluted earnings per
share (EPS) were $2.48.
Revenue grew year-over-year by 7.3% company-wide, with growth in
all four segments and growth exceeding 10% in the Aerospace and
Marine Systems segments. Company-wide operating margin for the
quarter was 10%. Orders remained strong, with backlog up 4.5% from
the year-ago quarter to a record $89.6
billion.
"Continued recovery from the pandemic coupled with our focus on
operating performance yielded a strong quarter, with year-over-year
earnings growth driven by increased revenue across all of our four
business segments," said Phebe N.
Novakovic, chairman and chief executive officer. "Our
improved cash outlook enabled us to continue investing in future
growth while returning capital to shareholders."
Cash
Net cash provided by operating activities in the
quarter totaled $3 million, compared
with a use of cash of $666 million in
the year-ago quarter. Free cash flow from operations, defined as
net cash provided by operating activities less capital
expenditures, was a net outflow of $131
million. During the quarter, the company invested
$134 million in capital expenditures,
paid $315 million in dividends, and
repurchased $744 million in shares at
an average price of $161.38 per
share, ending the quarter with $1.8
billion in cash and equivalents on hand.
Backlog
Total backlog at the end of first-quarter 2021
was $89.6 billion, up 4.5% from the
year-ago quarter. Estimated potential contract value, representing
management's estimate of value in unfunded indefinite delivery,
indefinite quantity (IDIQ) contracts and unexercised options, was
$41.8 billion. Total estimated
contract value, the sum of all backlog components, was $131.4 billion at the end of the quarter.
Order activity was strong across the company, with a total
book-to-bill ratio (orders divided by revenue) of 1-to-1 for the
quarter. Orders rose faster than revenue in the Aerospace and
Technologies segments, with book-to-bill ratios for the quarter of
1.3-to-1 and 1.1-to1, respectively.
Significant awards in the quarter included a contract with a
maximum potential value of $12.6
billion among multiple awardees to provide information
technology (IT) and technical support services to intelligence
agencies under the Solutions for the Information Technology
Enterprise (SITE) III program; $1.9
billion from the U.S. Navy for the construction of a 10th
Block V Virginia-class submarine; a contract with a maximum
potential value of $805 million among
multiple awardees to provide ship modernization services to the
Navy; $295 million from the U.S. Army
for various munitions and ordnance; $225
million from the Army for inventory management and support
services for its Stryker vehicle fleet; $200
million from the Federal Emergency Management Agency (FEMA)
to provide Coronavirus (COVID-19)-related contact-center operations
and support services; $190 million in
contracts from the Army for technical support and upgrades for
Abrams main battle tanks; and $175
million from the Army for computing and communications
equipment under the Common Hardware Systems-5 (CHS-5) program.
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 $37.9 billion in revenue in 2020. More
information is available at www.gd.com.
Certain statements made in this press release, including any
statements as to future results of operations and financial
projections, may constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements are based on management's
expectations, estimates, projections and assumptions. These
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict. Therefore,
actual future results and trends may differ materially from what is
forecast in forward-looking statements due to a variety of factors.
Additional information regarding these factors is contained in the
company's filings with the Securities and Exchange Commission,
including, without limitation, its Annual Report on Form 10-K, its
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
All forward-looking statements speak only as of the date they were
made. The company does not undertake any obligation to update or
publicly release any revisions to forward-looking statements to
reflect events, circumstances or changes in expectations after the
date of this press release.
WEBCAST INFORMATION: General Dynamics will webcast its
first-quarter 2021 financial results conference call at 9 a.m. EDT
on Wednesday, April 28, 2021. The
webcast will be a listen-only audio event available at
www.gd.com. An on-demand replay of the webcast
will be available one hour after the end of the call and end on
May 5, 2021. To hear a recording of
the conference call by telephone, please call 877-344-7529
(international: 412-317-0088); passcode 10153889. Charts furnished
to investors and securities analysts in connection with General
Dynamics' announcement of its financial results are
available at www.gd.com.
EXHIBIT
A
|
CONSOLIDATED
STATEMENT OF EARNINGS - (UNAUDITED)
|
DOLLARS IN
MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Three Months
Ended
|
|
Variance
|
|
April 4,
2021
|
|
March 29,
2020
|
|
$
|
|
%
|
Revenue
|
$
|
9,389
|
|
|
$
|
8,749
|
|
|
$
|
640
|
|
|
7.3
|
%
|
Operating costs and
expenses
|
(8,451)
|
|
|
(7,815)
|
|
|
(636)
|
|
|
|
Operating
earnings
|
938
|
|
|
934
|
|
|
4
|
|
|
0.4
|
%
|
Other, net
|
30
|
|
|
21
|
|
|
9
|
|
|
|
Interest,
net
|
(123)
|
|
|
(107)
|
|
|
(16)
|
|
|
|
Earnings before
income tax
|
845
|
|
|
848
|
|
|
(3)
|
|
|
(0.4)
|
%
|
Provision for income
tax, net
|
(137)
|
|
|
(142)
|
|
|
5
|
|
|
|
Net
earnings
|
$
|
708
|
|
|
$
|
706
|
|
|
$
|
2
|
|
|
0.3
|
%
|
Earnings per
share—basic
|
$
|
2.49
|
|
|
$
|
2.45
|
|
|
$
|
0.04
|
|
|
1.6
|
%
|
Basic weighted
average shares outstanding
|
284.1
|
|
|
288.6
|
|
|
|
|
|
Earnings per
share—diluted
|
$
|
2.48
|
|
|
$
|
2.43
|
|
|
$
|
0.05
|
|
|
2.1
|
%
|
Diluted weighted
average shares outstanding
|
285.2
|
|
|
289.9
|
|
|
|
|
|
EXHIBIT
B
|
REVENUE AND
OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
|
DOLLARS IN
MILLIONS
|
|
|
Three Months
Ended
|
|
Variance
|
|
April 4,
2021
|
|
March 29,
2020
|
|
$
|
|
%
|
Revenue:
|
|
|
|
|
|
|
|
Aerospace
|
$
|
1,887
|
|
|
$
|
1,691
|
|
|
$
|
196
|
|
|
11.6
|
%
|
Marine
Systems
|
2,483
|
|
|
2,246
|
|
|
237
|
|
|
10.6
|
%
|
Combat
Systems
|
1,820
|
|
|
1,708
|
|
|
112
|
|
|
6.6
|
%
|
Technologies
|
3,199
|
|
|
3,104
|
|
|
95
|
|
|
3.1
|
%
|
Total
|
$
|
9,389
|
|
|
$
|
8,749
|
|
|
$
|
640
|
|
|
7.3
|
%
|
Operating
earnings:
|
|
|
|
|
|
|
|
Aerospace
|
$
|
220
|
|
|
$
|
240
|
|
|
$
|
(20)
|
|
|
(8.3)
|
%
|
Marine
Systems
|
200
|
|
|
184
|
|
|
16
|
|
|
8.7
|
%
|
Combat
Systems
|
244
|
|
|
223
|
|
|
21
|
|
|
9.4
|
%
|
Technologies
|
306
|
|
|
298
|
|
|
8
|
|
|
2.7
|
%
|
Corporate
|
(32)
|
|
|
(11)
|
|
|
(21)
|
|
|
(190.9)
|
%
|
Total
|
$
|
938
|
|
|
$
|
934
|
|
|
$
|
4
|
|
|
0.4
|
%
|
Operating
margin:
|
|
|
|
|
|
|
|
Aerospace
|
11.7
|
%
|
|
14.2
|
%
|
|
|
|
|
Marine
Systems
|
8.1
|
%
|
|
8.2
|
%
|
|
|
|
|
Combat
Systems
|
13.4
|
%
|
|
13.1
|
%
|
|
|
|
|
Technologies
|
9.6
|
%
|
|
9.6
|
%
|
|
|
|
|
Total
|
10.0
|
%
|
|
10.7
|
%
|
|
|
|
|
EXHIBIT
C
|
CONSOLIDATED
BALANCE SHEET
|
DOLLARS IN
MILLIONS
|
|
|
(Unaudited)
|
|
|
|
April 4,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
equivalents
|
$
|
1,811
|
|
|
$
|
2,824
|
|
Accounts
receivable
|
3,191
|
|
|
3,161
|
|
Unbilled
receivables
|
7,987
|
|
|
8,024
|
|
Inventories
|
5,688
|
|
|
5,745
|
|
Other current
assets
|
1,731
|
|
|
1,789
|
|
Total current
assets
|
20,408
|
|
|
21,543
|
|
Noncurrent
assets:
|
|
|
|
Property, plant and
equipment, net
|
5,090
|
|
|
5,100
|
|
Intangible assets,
net
|
2,043
|
|
|
2,117
|
|
Goodwill
|
19,972
|
|
|
20,053
|
|
Other
assets
|
2,450
|
|
|
2,495
|
|
Total noncurrent
assets
|
29,555
|
|
|
29,765
|
|
Total
assets
|
$
|
49,963
|
|
|
$
|
51,308
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
|
3,186
|
|
|
$
|
3,003
|
|
Accounts
payable
|
2,736
|
|
|
2,952
|
|
Customer advances and
deposits
|
5,694
|
|
|
6,276
|
|
Other current
liabilities
|
3,537
|
|
|
3,733
|
|
Total current
liabilities
|
15,153
|
|
|
15,964
|
|
Noncurrent
liabilities:
|
|
|
|
Long-term
debt
|
9,995
|
|
|
9,995
|
|
Other
liabilities
|
9,475
|
|
|
9,688
|
|
Total noncurrent
liabilities
|
19,470
|
|
|
19,683
|
|
Shareholders'
equity:
|
|
|
|
Common
stock
|
482
|
|
|
482
|
|
Surplus
|
3,152
|
|
|
3,124
|
|
Retained
earnings
|
33,869
|
|
|
33,498
|
|
Treasury
stock
|
(18,585)
|
|
|
(17,893)
|
|
Accumulated other
comprehensive loss
|
(3,578)
|
|
|
(3,550)
|
|
Total shareholders'
equity
|
15,340
|
|
|
15,661
|
|
Total liabilities
and shareholders' equity
|
$
|
49,963
|
|
|
$
|
51,308
|
|
EXHIBIT
D
|
CONSOLIDATED
STATEMENT OF CASH FLOWS - (UNAUDITED)
|
DOLLARS IN
MILLIONS
|
|
|
Three Months
Ended
|
|
April 4,
2021
|
|
March 29,
2020
|
Cash flows from
operating activities—continuing operations:
|
|
|
|
Net
earnings
|
$
|
708
|
|
|
$
|
706
|
|
Adjustments to
reconcile net earnings to net cash from operating
activities:
|
|
|
|
Depreciation of
property, plant and equipment
|
136
|
|
|
122
|
|
Amortization of
intangible and finance lease right-of-use assets
|
79
|
|
|
90
|
|
Equity-based
compensation expense
|
40
|
|
|
30
|
|
Deferred income tax
benefit
|
(19)
|
|
|
(28)
|
|
(Increase) decrease
in assets, net of effects of business acquisitions:
|
|
|
|
Accounts
receivable
|
(30)
|
|
|
(33)
|
|
Unbilled
receivables
|
52
|
|
|
(78)
|
|
Inventories
|
57
|
|
|
(546)
|
|
Increase (decrease)
in liabilities, net of effects of business acquisitions:
|
|
|
|
Accounts
payable
|
(216)
|
|
|
(375)
|
|
Customer advances and
deposits
|
(544)
|
|
|
(373)
|
|
Other, net
|
(260)
|
|
|
(181)
|
|
Net cash provided
(used) by operating activities
|
3
|
|
|
(666)
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(134)
|
|
|
(185)
|
|
Other, net
|
3
|
|
|
8
|
|
Net cash used by
investing activities
|
(131)
|
|
|
(177)
|
|
Cash flows from
financing activities:
|
|
|
|
Purchases of common
stock
|
(759)
|
|
|
(449)
|
|
Dividends
paid
|
(315)
|
|
|
(295)
|
|
Proceeds from
fixed-rate notes
|
—
|
|
|
3,960
|
|
Proceeds from
commercial paper, net
|
—
|
|
|
2,271
|
|
Other, net
|
201
|
|
|
(202)
|
|
Net cash (used)
provided by financing activities
|
(873)
|
|
|
5,285
|
|
Net cash used by
discontinued operations
|
(12)
|
|
|
(14)
|
|
Net (decrease)
increase in cash and equivalents
|
(1,013)
|
|
|
4,428
|
|
Cash and
equivalents at beginning of period
|
2,824
|
|
|
902
|
|
Cash and
equivalents at end of period
|
$
|
1,811
|
|
|
$
|
5,330
|
|
EXHIBIT
E
|
ADDITIONAL
FINANCIAL INFORMATION - (UNAUDITED)
|
DOLLARS IN
MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
Other Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
April 4,
2021
|
|
December 31,
2020
|
Debt-to-equity
(a)
|
|
|
|
|
85.9
|
%
|
|
83.0
|
%
|
Debt-to-capital
(b)
|
|
|
|
|
46.2
|
%
|
|
45.4
|
%
|
Book value per share
(c)
|
|
|
|
|
$
|
54.28
|
|
|
$
|
54.67
|
|
Shares
outstanding
|
|
|
|
|
282,597,786
|
|
|
286,477,836
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
|
|
|
|
2021
|
|
2020
|
Income tax payments,
net
|
|
|
|
|
$
|
33
|
|
|
$
|
43
|
|
Company-sponsored
research and development (d)
|
|
$
|
90
|
|
|
$
|
78
|
|
Return on sales
(e)
|
|
|
|
|
7.5
|
%
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
|
|
|
|
2021
|
|
2020
|
Earnings before
interest, taxes, depreciation and amortization:
|
|
|
|
|
Net
earnings
|
|
|
|
|
$
|
708
|
|
|
$
|
706
|
|
Interest,
net
|
|
|
|
|
123
|
|
|
107
|
|
Provision for income
tax, net
|
|
137
|
|
|
142
|
|
Depreciation of
property, plant and equipment
|
|
136
|
|
|
122
|
|
Amortization of
intangible and finance lease right-of-use assets
|
|
79
|
|
|
90
|
|
Earnings
before interest, taxes, depreciation and amortization
(f)
|
|
$
|
1,183
|
|
|
$
|
1,167
|
|
|
|
|
|
|
|
|
|
Free cash flow
from operations:
|
|
|
|
|
|
|
|
Net cash provided
(used) by operating activities
|
|
$
|
3
|
|
|
$
|
(666)
|
|
Capital
expenditures
|
|
|
|
|
(134)
|
|
|
(185)
|
|
Free cash flow from
operations (g)
|
|
|
|
|
$
|
(131)
|
|
|
$
|
(851)
|
|
|
|
(a)
|
Debt-to-equity ratio
is calculated as total debt divided by total equity as of the end
of the period.
|
|
|
(b)
|
Debt-to-capital ratio
is calculated as total debt divided by the sum of total debt plus
total equity as of the end of the period.
|
|
|
(c)
|
Book value per share
is calculated as total equity divided by total outstanding shares
as of the end of the period.
|
|
|
(d)
|
Includes independent
research and development and Aerospace product-development
costs.
|
|
|
(e)
|
Return on sales is
calculated as net earnings divided by revenue.
|
|
|
(f)
|
We believe earnings
before interest, taxes, depreciation and amortization (EBITDA) is a
useful measure for investors because it provides another measure of
our profitability and our ability to service our debt. We calculate
EBITDA by adding back interest, taxes, depreciation and
amortization to net earnings. The most directly comparable GAAP
measure to EBITDA is net earnings.
|
|
|
(g)
|
We believe free cash
flow from operations is a useful measure for investors because it
portrays our ability to generate cash from our businesses for
purposes such as repaying maturing debt, funding business
acquisitions, repurchasing our common stock and paying dividends.
We use free cash flow from operations to assess the quality of our
earnings and as a key performance measure in evaluating management.
The most directly comparable GAAP measure to free cash flow from
operations is net cash provided (used) by operating
activities.
|
EXHIBIT
F
|
BACKLOG -
(UNAUDITED)
|
DOLLARS IN
MILLIONS
|
|
|
|
Funded
|
|
Unfunded
|
|
Total
Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total
Estimated
Contract Value
|
First Quarter
2021:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
11,545
|
|
|
$
|
384
|
|
|
$
|
11,929
|
|
|
$
|
2,312
|
|
|
$
|
14,241
|
|
Marine
Systems
|
|
27,676
|
|
|
22,075
|
|
|
49,751
|
|
|
2,815
|
|
|
52,566
|
|
Combat
Systems
|
|
14,085
|
|
|
143
|
|
|
14,228
|
|
|
9,120
|
|
|
23,348
|
|
Technologies
|
|
10,003
|
|
|
3,670
|
|
|
13,673
|
|
|
27,530
|
|
|
41,203
|
|
Total
|
|
$
|
63,309
|
|
|
$
|
26,272
|
|
|
$
|
89,581
|
|
|
$
|
41,777
|
|
|
$
|
131,358
|
|
Fourth Quarter
2020:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
11,308
|
|
|
$
|
318
|
|
|
$
|
11,626
|
|
|
$
|
2,800
|
|
|
$
|
14,426
|
|
Marine
Systems
|
|
23,646
|
|
|
26,336
|
|
|
49,982
|
|
|
4,876
|
|
|
54,858
|
|
Combat
Systems
|
|
14,341
|
|
|
226
|
|
|
14,567
|
|
|
9,774
|
|
|
24,341
|
|
Technologies
|
|
9,488
|
|
|
3,826
|
|
|
13,314
|
|
|
27,727
|
|
|
41,041
|
|
Total
|
|
$
|
58,783
|
|
|
$
|
30,706
|
|
|
$
|
89,489
|
|
|
$
|
45,177
|
|
|
$
|
134,666
|
|
First Quarter
2020:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
12,998
|
|
|
$
|
274
|
|
|
$
|
13,272
|
|
|
$
|
2,837
|
|
|
$
|
16,109
|
|
Marine
Systems
|
|
26,112
|
|
|
17,053
|
|
|
43,165
|
|
|
4,460
|
|
|
47,625
|
|
Combat
Systems
|
|
14,373
|
|
|
244
|
|
|
14,617
|
|
|
4,253
|
|
|
18,870
|
|
Technologies
|
|
10,322
|
|
|
4,356
|
|
|
14,678
|
|
|
26,595
|
|
|
41,273
|
|
Total
|
|
$
|
63,805
|
|
|
$
|
21,927
|
|
|
$
|
85,732
|
|
|
$
|
38,145
|
|
|
$
|
123,877
|
|
|
|
*
|
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.
|
EXHIBIT
F-1
|
BACKLOG -
(UNAUDITED)
|
DOLLARS IN
MILLIONS
|
https://mma.prnewswire.com/media/1497917/Exhibit_F_1.jpg
EXHIBIT
F-2
|
BACKLOG BY SEGMENT
- (UNAUDITED)
|
DOLLARS IN
MILLIONS
|
https://mma.prnewswire.com/media/1497918/EXHIBIT_F_2_Aerospace.jpg
https://mma.prnewswire.com/media/1497920/EXHIBIT_F_2_Marine_Systems.jpg
https://mma.prnewswire.com/media/1497923/EXHIBIT_F_2_Combat_Systems.jpg
https://mma.prnewswire.com/media/1497925/EXHIBIT_F_2_Technologies.jpg
https://mma.prnewswire.com/media/1497926/EXHIBIT_F_2_Segment_Key.jpg
EXHIBIT
G
|
FIRST QUARTER 2021
SIGNIFICANT ORDERS - (UNAUDITED)
|
DOLLARS IN
MILLIONS
|
We received the following significant contract awards during the
first quarter of 2021:
Marine Systems:
- $1.9 billion from the U.S. Navy
for the construction of a tenth submarine in Block V of the
Virginia-class submarine program.
- $75 from the Navy for Advanced
Nuclear Plant Studies (ANPS) in support of the Columbia-class
submarine program.
- $30 from the Navy for maintenance
and modernization work on the USS Princeton, a Ticonderoga-class
guided-missile cruiser.
Combat Systems:
- $295 from the U.S. Army for
various munitions and ordnance.
- $225 from the Army for inventory
management and support services for the Stryker fleet.
- $120 from the Army to provide
systems technical support for Abrams main battle tanks.
- $110 to produce M3 amphibious
bridging vehicles for an international customer.
- $70 from the Army to upgrade
Abrams tanks to the M1A2 System Enhancement Package Version 3
(SEPv3) configuration.
Technologies:
- A contract to provide information technology (IT) and technical
support services to the Defense Intelligence Agency (DIA) and the
National Geospatial-Intelligence Agency (NGA) under the Solutions
for the Information Technology Enterprise (SITE) III program. The
program has a maximum potential value of $12.6 billion among multiple awardees.
- An IDIQ contract to provide ship, carrier, submarine and
service craft modernization for the Navy. The program has a maximum
potential value of $805 among
multiple awardees.
- $45 from the U.S. Coast Guard to
provide sustainment support for the Rescue 21 program. The contract
has a maximum potential value of $235.
- $200 from the Federal Emergency
Management Agency (FEMA) to provide Coronavirus (COVID-19)-related
contact-center operations and support services.
- $175 from the Army for computing
and communications equipment under the Common Hardware Systems-5
(CHS-5) program.
- $135 to provide enterprise IT,
communications and mission command support services to U.S. Army
Europe.
- $130 to provide turnkey training
and simulation services for the Army's Aviation Center of
Excellence in Fort Rucker,
Alabama.
- $120 from the U.S. Air Force for
the Battlefield Information Collection and Exploitation System
(BICES) program to provide intelligence information sharing
capabilities for the Department of Defense (DoD).
- A contract to provide software development and IT support
services to the U.S. Patent and Trademark Office. The contract has
a maximum potential value of $95.
- $70 from the Army for the
production of Prophet enhanced ground-based signals intelligence
and electronic warfare systems.
EXHIBIT
H
|
AEROSPACE
SUPPLEMENTAL DATA - (UNAUDITED)
|
|
|
|
|
|
First
Quarter
|
|
|
|
|
|
|
2021
|
|
2020
|
Gulfstream
Aircraft Deliveries (units):
|
|
|
|
|
|
|
|
|
Large-cabin
aircraft
|
|
|
|
|
|
25
|
|
|
20
|
|
Mid-cabin
aircraft
|
|
|
|
|
|
3
|
|
|
3
|
|
Total
|
|
|
|
|
|
28
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
Aerospace
Book-to-Bill:
|
|
|
|
|
|
|
|
|
Orders*
|
|
|
|
|
|
$
|
2,457
|
|
|
$
|
1,856
|
|
Revenue
|
|
|
|
|
|
1,887
|
|
|
1,691
|
|
Book-to-Bill
Ratio
|
|
|
|
|
|
1.30x
|
|
|
1.10x
|
|
|
|
*
|
Does not include
customer defaults, liquidated damages, cancellations, foreign
exchange fluctuations and other backlog adjustments.
|
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SOURCE General Dynamics