Exhibit 99.1 
 
gdlogo-20180930.gif
2941 Fairview Park Drive, Suite 100
 
 
Falls Church, VA 22042-4513
 
News
www.generaldynamics.com
 

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

October 24, 2018

General Dynamics Reports Third-Quarter 2018 Results

Revenue up 20% year-over-year to $9.1 billion
Earnings from continuing operations up 13.1% to $864 million
Diluted EPS from continuing operations up 14.7% year-over-year to $2.89

FALLS CHURCH, Va. General Dynamics (NYSE: GD) today reported third-quarter 2018 earnings from continuing operations of $864 million, a 13.1 percent increase over third-quarter 2017. Revenue increased 20 percent to $9.1 billion. While a large portion of the growth was attributed to the acquisition of CSRA, revenue in all segments grew.

Diluted earnings per share (EPS) from continuing operations were $2.89 compared to $2.52 in the year-ago quarter, a 14.7 percent increase.

“We took action this quarter to streamline our portfolio, drive out risk from our supply chain and deliver increasingly sophisticated products and services to our customers in an efficient and timely manner,” said Phebe Novakovic, chairman and chief executive officer. “We remain committed to generating steady and sustainable results from our businesses.”

Significant activities this quarter included the delivery of the Virginia-class submarine SSN 790 (future USS South Dakota), the keel-laying of the first John Lewis-class fleet replenishment oiler and the continued integration of CSRA.

Margin
Company-wide operating margin for the third quarter of 2018 was 12.5 percent, a 70 basis-point increase over second-quarter 2018.

Cash
Net cash provided by operating activities in the quarter totaled $790 million, compared to $872 million in the year-ago quarter. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $622 million, after a $255 million discretionary pension plan contribution.



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Capital Deployment
The company repurchased 450,000 of its outstanding shares in the third quarter of 2018. Year-to-date, the company has repurchased 2.5 million outstanding shares.

Backlog
The company’s total backlog at the end of third-quarter 2018 was $69.5 billion, up 4.9 percent from second-quarter 2018. The estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $34.7 billion. Total potential contract value, the sum of all backlog components, was $104.2 billion at the end of the quarter, a new record.

Order activity was robust across the company with a 1.4-to-1 total book-to-bill ratio, defined as orders divided by revenue. Significant awards in the quarter included $3.9 billion from the U.S. Navy for the construction of four Arleigh Burke-class (DDG-51) guided-missile destroyers; $580 from the Navy for surface ship maintenance and modernization work; $480 from the Navy to continue design and development work for the Columbia-class submarine program; $210 from the Centers for Medicare & Medicaid Services for benefits recovery services, cloud hosting and IT support; $170 from the Navy for combat and seaframe control systems for Littoral Combat Ships; and $150 from the U.S. Army for equipment to support the Army’s mobile communications network. In addition, the Army awarded a $3.9 billion maximum-potential-value IDIQ contract for computing and communications equipment under the Common Hardware Systems-5 (CHS-5) program.

About General Dynamics
Headquartered in Falls Church, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. The company’s 2017 revenue was $31 billion. More information is available at www.generaldynamics.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 and its Quarterly Reports on Form 10-Q. 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.


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WEBCAST INFORMATION: General Dynamics will webcast its third-quarter 2018 financial results conference call at 9 a.m. EDT on Wednesday, October 24, 2018. The webcast will be a listen-only audio event, available at www.generaldynamics.com. An on-demand replay of the webcast will be available by 12 p.m. on October 24 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10125284. The phone replay will be available through October 31, 2018.


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EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
 
 
Three Months Ended
 
Variance
 
September 30, 2018
 
October 1, 2017*
 
$
 
%
Revenue
$
9,094

 
$
7,580

 
$
1,514

 
20.0
 %
Operating costs and expenses
(7,959
)
 
(6,517
)
 
(1,442
)
 
 
Operating earnings
1,135

 
1,063

 
72

 
6.8
 %
Interest, net
(114
)
 
(27
)
 
(87
)
 
 
Other, net
2

 
(9
)
 
11

 
 
Earnings from continuing operations before income tax
1,023

 
1,027

 
(4
)
 
(0.4
)%
Provision for income tax, net
(159
)
 
(263
)
 
104

 
 
Earnings from continuing operations
864

 
764

 
100

 
13.1
 %
Discontinued operations, net of tax
(13
)
 

 
(13
)
 


Net earnings
$
851

 
$
764

 
$
87

 
11.4
 %
Earnings per share—basic

 
 
 
 
 
 
 
Continuing operations
$
2.92

 
$
2.56

 
$
0.36

 
14.1
 %
Discontinued operations
(0.04
)
 

 
(0.04
)
 


Net earnings
$
2.88

 
$
2.56

 
$
0.32

 
12.5
 %
Basic weighted average shares outstanding
295.3

 
298.1

 


 


Earnings per share—diluted

 
 
 
 
 
 
 
Continuing operations
$
2.89

 
$
2.52

 
$
0.37

 
14.7
 %
Discontinued operations
(0.04
)
 

 
(0.04
)
 
 
Net earnings
$
2.85

 
$
2.52

 
$
0.33

 
13.1
 %
Diluted weighted average shares outstanding
299.1

 
303.8

 
 
 
 

*
Prior-period information has been restated for the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which we adopted on January 1, 2018.





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EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
 
 
Nine Months Ended
 
Variance
 
September 30, 2018 (a)
 
October 1, 2017 (b)
 
$
 
%
Revenue
$
25,815

 
$
22,696

 
$
3,119

 
13.7
 %
Operating costs and expenses
(22,584
)
 
(19,520
)
 
(3,064
)
 
 
Operating earnings
3,231

 
3,176

 
55

 
1.7
 %
Interest, net
(244
)
 
(76
)
 
(168
)
 
 
Other, net
(34
)
 
(31
)
 
(3
)
 
 
Earnings from continuing operations before income tax
2,953

 
3,069

 
(116
)
 
(3.8
)%
Provision for income tax, net
(504
)
 
(793
)
 
289

 
 
Earnings from continuing operations
2,449

 
2,276

 
173

 
7.6
 %
Discontinued operations, net of tax
(13
)
 

 
(13
)
 
 
Net earnings
$
2,436

 
$
2,276

 
$
160

 
7.0
 %
Earnings per share—basic
 
 
 
 
 
 
 
Continuing operations
$
8.27

 
$
7.59

 
$
0.68

 
9.0
 %
Discontinued operations
(0.04
)
 

 
(0.04
)
 
 
Net earnings
$
8.23

 
$
7.59

 
$
0.64

 
8.4
 %
Basic weighted average shares outstanding
296.0

 
299.9

 
 
 
 
Earnings per share—diluted
 
 
 
 
 
 
 
Continuing operations
$
8.16

 
$
7.45

 
$
0.71

 
9.5
 %
Discontinued operations
(0.04
)
 

 
(0.04
)
 
 
Net earnings
$
8.12

 
$
7.45

 
$
0.67

 
9.0
 %
Diluted weighted average shares outstanding
300.1

 
305.5

 
 
 
 

(a)
2018 results include the unfavorable impact of one-time charges of approximately $75 associated with costs to complete the acquisition of CSRA Inc. In the table above, approximately $45 of compensation-related costs was reported in operating costs and expenses, and approximately $30 of transaction costs was reported in other, net.
(b)
Prior-period information has been restated for the adoption of ASU 2017-07, which we adopted on January 1, 2018.



 




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EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
Three Months Ended
 
Variance
 
September 30, 2018
 
October 1, 2017*
 
$
 
%
Revenue:
 
 
 
 
 
 
 
Aerospace
$
2,031

 
$
1,995

 
$
36

 
1.8
 %
Combat Systems
1,523

 
1,500

 
23

 
1.5
 %
Information Technology
2,307

 
1,068

 
1,239

 
116.0
 %
Mission Systems
1,230

 
1,086

 
144

 
13.3
 %
Marine Systems
2,003

 
1,931

 
72

 
3.7
 %
Total
$
9,094

 
$
7,580

 
$
1,514

 
20.0
 %
Operating earnings:
 
 
 
 
 
 
 
Aerospace
$
376

 
$
381

 
$
(5
)
 
(1.3
)%
Combat Systems
241

 
247

 
(6
)
 
(2.4
)%
Information Technology
157

 
101

 
56

 
55.4
 %
Mission Systems
179

 
152

 
27

 
17.8
 %
Marine Systems
169

 
179

 
(10
)
 
(5.6
)%
Corporate
13

 
3

 
10

 
333.3
 %
Total
$
1,135

 
$
1,063

 
$
72

 
6.8
 %
Operating margin:
 
 
 
 
 
 
 
Aerospace
18.5
%
 
19.1
%
 
 
 
 
Combat Systems
15.8
%
 
16.5
%
 
 
 
 
Information Technology
6.8
%
 
9.5
%
 
 
 
 
Mission Systems
14.6
%
 
14.0
%
 
 
 
 
Marine Systems
8.4
%
 
9.3
%
 
 
 
 
Total
12.5
%
 
14.0
%
 
 
 
 

*
Prior-period information has been restated for the adoption of ASU 2017-07, which we adopted on January 1, 2018.



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EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
Nine Months Ended
 
Variance
 
September 30, 2018 (a)

October 1, 2017 (b)
 
$
 
%
Revenue:



 
 
 
 
Aerospace
$
5,751


$
6,147

 
$
(396
)
 
(6.4
)%
Combat Systems
4,497


4,201

 
296

 
7.0
 %
Information Technology
5,887

 
3,178

 
2,709

 
85.2
 %
Mission Systems
3,475


3,226

 
249

 
7.7
 %
Marine Systems
6,205


5,944

 
261

 
4.4
 %
Total
$
25,815


$
22,696

 
$
3,119

 
13.7
 %
Operating earnings:



 
 
 
 
Aerospace
$
1,108


$
1,241

 
$
(133
)
 
(10.7
)%
Combat Systems
701


677

 
24

 
3.5
 %
Information Technology
414

 
278

 
136

 
48.9
 %
Mission Systems
478


451

 
27

 
6.0
 %
Marine Systems
548


518

 
30

 
5.8
 %
Corporate
(18
)

11

 
(29
)
 
(263.6
)%
Total
$
3,231


$
3,176

 
$
55

 
1.7
 %
Operating margin:
 
 
 
 
 
 
 
Aerospace
19.3
%
 
20.2
%
 
 
 
 
Combat Systems
15.6
%
 
16.1
%
 
 
 
 
Information Technology
7.0
%
 
8.7
%
 
 
 
 
Mission Systems
13.8
%
 
14.0
%
 
 
 
 
Marine Systems
8.8
%
 
8.7
%
 
 
 
 
Total
12.5
%
 
14.0
%
 
 
 
 

(a)
2018 results include the unfavorable impact of approximately $45 of compensation-related one-time charges associated with costs to complete the acquisition of CSRA Inc. This amount was reported as a reduction of Corporate operating earnings in the table above.
(b)
Prior-period information has been restated for the adoption of ASU 2017-07, which we adopted on January 1, 2018.

 

 


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EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
 
 
(Unaudited)
 
 
 
September 30, 2018
 
December 31, 2017
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
1,010

 
$
2,983

Accounts receivable
3,736

 
3,617

Unbilled receivables
7,564

 
5,240

Inventories
6,247

 
5,303

Other current assets
1,401

 
1,185

Total current assets
19,958

 
18,328

Noncurrent assets:
 
 
 
Property, plant and equipment, net
4,244

 
3,517

Intangible assets, net
2,667

 
702

Goodwill
19,486

 
11,914

Other assets
608

 
585

Total noncurrent assets
27,005

 
16,718

Total assets
$
46,963

 
$
35,046

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt and current portion of long-term debt
$
1,678

 
$
2

Accounts payable
3,033

 
3,207

Customer advances and deposits
7,327

 
6,992

Other current liabilities
3,651

 
2,898

Total current liabilities
15,689

 
13,099

Noncurrent liabilities:
 
 
 
Long-term debt
11,403

 
3,980

Other liabilities
7,116

 
6,532

Total noncurrent liabilities
18,519

 
10,512

Shareholders’ equity:
 
 
 
Common stock
482

 
482

Surplus
2,914

 
2,872

Retained earnings
28,691

 
26,444

Treasury stock
(15,971
)
 
(15,543
)
Accumulated other comprehensive loss
(3,361
)
 
(2,820
)
Total shareholders’ equity
12,755

 
11,435

Total liabilities and shareholders’ equity
$
46,963

 
$
35,046




 

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EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 
  
Nine Months Ended
 
September 30, 2018
 
October 1, 2017
Cash flows from operating activities—continuing operations:
 
 
 
Net earnings
$
2,436

 
$
2,276

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation of property, plant and equipment
352

 
269

Amortization of intangible assets
190

 
57

Equity-based compensation expense
110

 
93

Deferred income tax (benefit) provision
(66
)
 
155

Discontinued operations, net of tax
13

 

(Increase) decrease in assets, net of effects of business acquisitions:
 
 
 
Accounts receivable
472

 
26

Unbilled receivables
(1,625
)
 
(1,361
)
Inventories
(854
)
 
57

Increase (decrease) in liabilities, net of effects of business acquisitions:
 
 
 
Accounts payable
(324
)
 
167

Customer advances and deposits
112

 
(296
)
Income taxes payable
250

 
223

Other, net
15

 
216

Net cash provided by operating activities
1,081

 
1,882

Cash flows from investing activities:
 
 
 
Business acquisitions, net of cash acquired
(10,039
)
 
(364
)
Capital expenditures
(447
)
 
(273
)
Other, net
169

 
52

Net cash used by investing activities
(10,317
)
 
(585
)
Cash flows from financing activities:
 
 
 
Proceeds from fixed-rate notes
6,461

 
985

Proceeds from (repayments of) commercial paper, net
1,668

 
(2
)
Proceeds from floating-rate notes
1,000

 

Dividends paid
(801
)
 
(735
)
Purchases of common stock
(533
)
 
(1,172
)
Repayment of CSRA accounts receivable purchase agreement
(450
)
 

Other, net
(68
)
 
43

Net cash provided (used) by financing activities
7,277

 
(881
)
Net cash used by discontinued operations
(14
)
 
(28
)
Net (decrease) increase in cash and equivalents
(1,973
)
 
388

Cash and equivalents at beginning of period
2,983

 
2,334

Cash and equivalents at end of period
$
1,010

 
$
2,722



 

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EXHIBIT G
PRELIMINARY FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
 
 
 
 
2018
 
 
 
2017
 
 
 
 
Third Quarter
 
 
 
Third Quarter
 
 
Other Financial Information:
 
 
 
 
 
 
 
 
Debt-to-equity (a)
 
102.6
%
 
 
 
42.2
%
 
 
Debt-to-capital (b)
 
50.6
%
 
 
 
29.7
%
 
 
Book value per share (c)
 
$
43.07

 
 
 
$
38.73

 
 
Income tax payments, net
 
$
150

 
 
 
$
70

 
 
Company-sponsored research and development (d)
 
$
126

 
 
 
$
120

 
 
Shares outstanding
 
296,149,755

 
 
 
298,582,883

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measure:
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
 
Third Quarter
 
Nine Months
 
Third Quarter
 
Nine Months
Free cash flow from operations:
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
790

 
$
1,081

 
$
872

 
$
1,882

Capital expenditures
 
(168
)
 
(447
)
 
(120
)
 
(273
)
Free cash flow from operations (e)
 
$
622

 
$
634

 
$
752

 
$
1,609


(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)
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 by operating activities.

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EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
 
Funded
 
Unfunded
 
Total
Backlog
 
Estimated
Potential
Contract Value
*
 
Total Potential
Contract
Value
Third Quarter 2018:
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
11,696

 
$
173

 
$
11,869

 
$
2,239

 
$
14,108

Combat Systems
 
15,865

 
395

 
16,260

 
3,857

 
20,117

Information Technology
 
5,222

 
4,731

 
9,953

 
17,365

 
27,318

Mission Systems
 
5,024

 
587

 
5,611

 
7,453

 
13,064

Marine Systems
 
16,615

 
9,221

 
25,836

 
3,797

 
29,633

Total
 
$
54,422

 
$
15,107

 
$
69,529

 
$
34,711

 
$
104,240

Second Quarter 2018:
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
12,187

 
$
157

 
$
12,344

 
$
2,282

 
$
14,626

Combat Systems
 
16,646

 
376

 
17,022

 
2,840

 
19,862

Information Technology
 
4,633

 
4,576

 
9,209

 
18,931

 
28,140

Mission Systems
 
4,636

 
645

 
5,281

 
4,287

 
9,568

Marine Systems
 
17,310

 
5,124

 
22,434

 
4,333

 
26,767

Total
 
$
55,412

 
$
10,878

 
$
66,290

 
$
32,673

 
$
98,963

Third Quarter 2017:
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
11,729

 
$
86

 
$
11,815

 
$
1,909

 
$
13,724

Combat Systems
 
17,060

 
494

 
17,554

 
4,607

 
22,161

Information Technology
 
2,425

 
1,705

 
4,130

 
9,641

 
13,771

Mission Systems
 
4,684

 
708

 
5,392

 
4,743

 
10,135

Marine Systems
 
16,791

 
8,247

 
25,038

 
4,826

 
29,864

Total
 
$
52,689

 
$
11,240

 
$
63,929

 
$
25,726

 
$
89,655


* 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 to purchase new aircraft and long-term aircraft services agreements. 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 AND ESTIMATED CONTRACT VALUE - (UNAUDITED)
DOLLARS IN MILLIONS




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EXHIBIT H-2
BACKLOG AND ESTIMATED CONTRACT VALUE BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

chart-image2.jpgchart-image3.jpg
chart-image4.jpgchart-image5.jpg
chart-image6.jpg
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Backlog
 
 
 
Unfunded Backlog
 
 
 
Estimated Potential Contract Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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EXHIBIT I
THIRD QUARTER 2018 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS


We received the following significant contract awards during the third quarter of 2018:
Combat Systems:
$160 from the U.S. Army for munitions and ordnance, including Hydra-70 rockets.
$85 from the U.S. Air Force for various rounds of medium-caliber ammunition.
$55 to integrate a Mission Equipment Package onto Stryker vehicles to provide short range air defense capabilities.
$30 from the U.S. Defense Logistics Agency to provide spare parts for Abrams main battle tanks.
$30 to produce Patriot Advanced Capability-3 (PAC-3) guided-missile system motor cases.
Information Technology:
$330 from the U.S. Census Bureau to provide contact-center systems and operations support for the 2020 Census Questionnaire Assistance program.
$210 from the Centers for Medicare & Medicaid Services for benefits recovery services, cloud hosting and IT support.
$100 to provide logistics, sustainment and maintenance support services for the U.S. Army’s worldwide command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) systems.
$95 from the U.S. Department of State to provide visa application and issuance support services to U.S. embassies and consulates worldwide.
$95 from the U.S. Naval Air Warfare Center for design, development and support of shipboard and airborne platforms.
$90 from the U.S. Federal Emergency Management Agency (FEMA) for contact-center operations and support services.
Mission Systems:
$170 from the U.S. Navy for combat and seaframe control systems on Independence-variant Littoral Combat Ships (LCS).
$150 for additional equipment to support the U.S. Army’s mobile communications network.
$100 from the Army for computing and communications equipment under the Common Hardware Systems-4 (CHS-4) program.
$75 from the Canadian Department of National Defence to modernize and provide in-service support for the underwater warfare sensor suite installed on Halifax-class frigates.
$75 to rebuild and repair MK6 missile guidance systems and produce MK6 circuit card assemblies for the Navy.
An IDIQ contract from the Army for computing and communications equipment under the Common Hardware Systems-5 (CHS-5) program. The program has a maximum potential value of $3.9 billion over five years.
Marine Systems:
$3.9 billion from the U.S. Navy for the construction of four Arleigh Burke-class (DDG-51) guided-missile destroyers.
$580 from the Navy for surface ship maintenance and modernization work.
$480 from the Navy to continue design and development work in support of the Columbia-class submarine program.
$55 from the Navy for the procurement and management of spare parts and equipment for the Zumwalt-class (DDG-1000) guided-missile destroyer program.

– more –





EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
 

 
 
Third Quarter
 
Nine Months
 
 
2018
 
2017
 
2018
 
2017
Gulfstream Aircraft Deliveries (units):
 
 
 
 
 
 
 
 
Large-cabin aircraft
 
21

 
21

 
58

 
67

Mid-cabin aircraft
 
6

 
9

 
21

 
23

Total
 
27

 
30

 
79

 
90

Pre-owned Aircraft Deliveries (units):
 
2

 
1

 
4

 
4









# # #

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