General Dynamics Reports Third-Quarter 2024 Financial Results
General Dynamics (NYSE: GD) has announced its financial results for the third quarter of 2024, ending September 29.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate | QoQ Change |
|---|---|---|---|---|---|
| Revenue | $11.67B | $10.57B | +10.4% | $11.72B | +0.1% |
| Operating Earnings | $1.18B | $1.06B | +11.7% | - | +0.2% |
| Diluted EPS | $3.35 | $3.04 | +10.2% | $3.47 | +0.3% |
| Operating Margin | 10.1% | 10.0% | +0.1% | 10.5% | -0.1% |
Despite a solid year-over-year increase in revenue and earnings, General Dynamics fell short of Wall Street expectations, with EPS missing the consensus estimate by $0.12. The company's operating margin showed a slight improvement over the previous year.
Segment Revenue Performance:
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Aerospace | $2.48B | $2.03B | +22.1% | - |
| Marine Systems | $3.60B | $3.00B | +20.0% | - |
| Combat Systems | $2.21B | $2.22B | -0.5% | - |
| Technologies | $3.38B | $3.31B | +2.0% | - |
The Aerospace and Marine Systems segments showed strong growth, with Aerospace increasing by 22.1% year-over-year. However, Combat Systems experienced a slight decline.
Operational Highlights:
| Operational Data | Q3 2024 | Q3 2023 |
|---|---|---|
| Aircraft Deliveries (units) | 28 | 27 |
Gulfstream delivered 28 aircraft, including four G700s, indicating a robust performance in the Aerospace segment.
Executive Commentary: Phebe Novakovic, Chairman and CEO, stated, 'The company continues to see strong growth and steady improvement in operating performance. Demand across the portfolio also remains strong in the current environment.'
Dividends and Share Repurchase: During the quarter, General Dynamics paid $390 million in dividends and repurchased shares worth $44 million.
Forward Guidance: The company did not provide specific forward guidance for the upcoming quarters.
Stock Price Movement: Following the earnings release, General Dynamics' stock price experienced a slight decline, closing at $305.99, down 0.68% from the previous day.
Overall, General Dynamics demonstrated solid growth across most segments, although it faced challenges in meeting analyst expectations. The company's strong backlog and continued demand suggest a positive outlook moving forward.
For more in-depth analysis and insights, stay tuned with our platform to stay ahead of the market.
