Q2 2024 General Dynamics Corp Earnings Call Transcript
Key Points
- General Dynamics Corp (GD) reported earnings of $3.26 per diluted share on revenue of $11.98 billion, reflecting strong financial performance.
- Revenue increased by 18% across all four business segments, with a notable 51% increase in the Aerospace segment.
- Operating earnings rose by 20.2%, demonstrating solid operating leverage, and net earnings increased by 21.6%.
- The company has a robust order backlog of $91.3 billion, indicating strong future revenue potential.
- Combat Systems and Marine Systems segments showed significant growth, with Combat Systems revenue up 19% and Marine Systems revenue up 13% year-over-year.
- General Dynamics Corp (GD) missed EPS consensus by $0.02 due to delays in G700 aircraft deliveries.
- The Aerospace segment faced higher-than-expected costs due to retrofit work, battle station work, and extended certification periods for the G700.
- Marine Systems margins were impacted by continued delays from the submarine industrial base, affecting cost and schedule.
- The company experienced a higher provision for income taxes, which impacted net earnings growth.
- Supply chain issues continue to affect the Aerospace segment, particularly in terms of cost and delivery schedules.
Good morning and welcome to the General Dynamics second quarter 2024 earnings conference call. All participants will be in listen-only mode. Please note this event is being recorded. (Operator Instructions)
I would now like to turn the conference over to Nicole Shelton, Vice President, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to the General Dynamics second quarter 2024 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties.
Additional information regarding these factors is contained in the company's 10-K, 10-Q and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website,
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