General Dynamics Corp (GD) 10-Q Quarterly Report July 2021

RESTON, Va. – General Dynamics (NYSE: GD) today reported second-quarter 2021 net earnings of $737 million on revenue of $9.2 billion. Diluted earnings per share (EPS) were $2.61.

EPS grew 19.7% on a 17.9% increase in net earnings, as company-wide operating margin expanded to 10.4%, up 140 basis points from the year-ago quarter. Backlog of $89.2 billion was up 8% from the year-ago quarter.

“The company performed impressively this quarter, delivering very strong cash flow, improved margins and significant Aerospace order activity,” said Phebe N. Novakovic, chairman and chief executive officer. “Emerging from the pandemic, we remain focused on operating discipline and wise deployment of capital.”

Cash

Net cash provided by operating activities in the quarter totaled $1.1 billion. Free cash flow from operations, defined as net cash provided by operating activities, less capital expenditures, was $943 million.

Backlog

Backlog at the end of second-quarter 2021 was $89.2 billion. Estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $41.1 billion. Total estimated contract value, the sum of all backlog components, was $130.3 billion at the end of the quarter.

Overall demand remained strong in the quarter, with a consolidated book-to-bill ratio of 1-to-1.

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The following information was filed by General Dynamics Corp (GD) on Wednesday, July 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside General Dynamics Corp's 10-Q Quarterly Report:

Revenue - Product Highlight
MARINE SYSTEMS Operating Results The increase in the Marine Systems segment's revenue in the second quarter and first six months of 2021 consisted of the following: Second Quarter Six Months U.S. Navy ship construction $ 117 $ 384 Commercial ship construction (21) (54) U.S. Navy ship engineering, repair and other services (31) (28) Total increase $ 65 $ 302 Revenue from U.S. Navy ship construction was up across our shipyards in the second quarter and first six months of 2021 due to increased volume on the Columbia-class submarine program, the Arleigh Burke-class (DDG-51) destroyer program and the Expeditionary Sea Base (ESB) auxiliary ship program.

Revenue - Product Highlight
CONSOLIDATED OVERVIEW Our consolidated revenue increased in the first six months of 2021 driven by growth in each of our defense segments, including increases in U.S. Navy ship construction in our Marine Systems segment, international military vehicle programs in our Combat Systems segment and IT services in our Technologies segment.
Financial - Cash Flow Highlight
However, cash flows in both periods were affected negatively by growth in operating working capital (OWC), which is defined as current assets, excluding cash and equivalents, less current liabilities, excluding short-term debt and current portion of long-term debt.
Financial - Earnings Highlight
Operating margin increased 140 basis points in the second quarter of 2021 and 40 basis points in the first six months of 2021 due to margin improvement across all segments.
Financial - Earnings Highlight
The aggregate impact of adjustments in contract estimates increased our operating earnings (and diluted earnings per share) by $76 ($0.21) and $139 ($0.39) for the three- and six-month periods ended July 4, 2021, respectively.
Financial - Earnings
The Combat Systems segment's operating...Read more
Financial - Expense
It is only when total...Read more
Revenue - Product
Typically, revenue is recognized over...Read more
Financial - Earnings
The increase in the segment's...Read more
Revenue - Product
31 COMBAT SYSTEMS Operating Results...Read more
Financial - Earnings
Overall, the Marine Systems segment's...Read more
Financial - Dividend
On March 3, 2021, our...Read more
Financial - Earnings
In total, the Aerospace segment's...Read more
Financial - Dividend
Previously, the board had increased...Read more
Revenue - Product
Additionally, operating results in the...Read more
Revenue - Product
SERVICE REVENUE AND OPERATING COSTS...Read more
Revenue - Product
TECHNOLOGIES 32 Operating Results The...Read more
Revenue - Product
Revenue associated with the segment's...Read more
Financial - Expense
The costs are accumulated in...Read more
Revenue - Product
Year-over-year growth for the segment...Read more
Financial - Earnings
As scheduled customer deliveries increase...Read more
Other - Other
The actual amount of funding...Read more
Financial - Debt
We also have an effective...Read more
Revenue - Product
Domestic Abrams and Stryker revenue...Read more
Financial - Cash Flow
Because the parent is a...Read more
Other - Other
As air travel has increased,...Read more
Revenue - Product
Contract mix refers to changes...Read more
M & A - Other
Our investing activities include cash...Read more
Financial - Earnings
NON-GAAP FINANCIAL MEASURES We emphasize...Read more
Revenue - Product
On a quarter-over-quarter basis, increases...Read more
Financial - Earnings
The Technologies segment's operating margin...Read more
Other - Other
The proceeds, together with cash...Read more
Other - Other
$40 from the Army to...Read more
Other - Other
$40 from the Navy to...Read more
Legal - Other
Holders of the outstanding notes...Read more
Financial - Expense
Therefore, 28 changes in costs...Read more
Other - Other
The following summarized financial information...Read more
Financial - Earnings
The summarized financial information of...Read more
Revenue - Product
The decrease in C4ISR solutions...Read more
Revenue - Product
In the defense segments, revenue...Read more
Other - Other
Our calculation of these metrics...Read more
Revenue - Product
The following paragraphs explain how...Read more
Financial - Expense
The primary drivers of the...Read more
Financial - Earnings
Additional factors affecting the segment's...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

General Dynamics Corp provided additional information to their SEC Filing as exhibits

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: GD
CIK: 40533
Form Type: 10-Q Quarterly Report
Accession Number: 0000040533-21-000043
Submitted to the SEC: Wed Jul 28 2021 11:30:51 AM EST
Accepted by the SEC: Wed Jul 28 2021
Period: Sunday, July 4, 2021
Industry: Ship And Boat Building And Repairing

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General Dynamics Corp (GD) SEC Filing 10-Q Quarterly Report for the period ending Sunday, July 4, 2021

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