Q3 2024 General Dynamics Corp Earnings Call Transcript
Key Points
- General Dynamics Corp (GD) reported a strong 10.4% increase in revenue, led by a 22% increase in the Aerospace segment and a 20% increase in Marine Systems.
- Operating earnings increased by 11.7% to $1.18 billion, demonstrating solid operating leverage.
- Combat Systems saw robust order activity with a book-to-bill ratio of 1.5 to 1, indicating strong demand.
- Marine Systems achieved a 20% revenue growth, driven by Columbia-class and Virginia-class volume.
- Technologies segment reported a 2% revenue increase and a 3.5% rise in operating earnings, with a strong order backlog.
- General Dynamics Corp (GD) missed Street EPS consensus due to fewer than expected G700 deliveries.
- Supply chain deficiencies caused inefficiencies and increased costs, impacting operating margins.
- Marine Systems faced delays from the submarine industrial base, affecting costs and schedule.
- The Aerospace segment's operating margin was 90 basis points lower than the previous year due to supply chain issues.
- The company revised its full-year G700 delivery forecast down from 50-52 to around 42, impacting revenue expectations.
Good morning and welcome to the General Dynamics Third Quarter 2024 earnings conference call. All participants will be in listen only mode. (Operator Instructions). Please note this event is being recorded, 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 Third 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 filing. 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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