General Dynamics racks up 'solid' first-quarter numbers in 2011
Multimillion-dollar awards highlight earnings report
- By David Hubler
- Apr 27, 2011
General Dynamics Corp. reported first-quarter 2011 net earnings of $618 million, compared to $597 million in the first quarter of 2010. Revenues increased over the year-ago period to $7.8 billion.
Companywide operating margins for the quarter nudged up slightly from 11.8 percent in 2010 to 11.9 percent this year.
The company's Combat Systems and Information Systems and Technology divisions received several notable orders in the first quarter, including $325 million from a foreign military customer for combat vehicle structures and $295 million for initial production of equipment for the second increment of the Army's WIN-T next-generation battlefield communications network.
The company's total backlog at the end of the first quarter 2011 was $57.6 billion, and the estimated potential contract value was an additional $20.6 billion, which represents management's estimate of value under unfunded indefinite-delivery, indefinite-quantity contracts and unexercised options.
"General Dynamics' first-quarter performance reflects the stability and relevance of our defense programs and continuing demand for our global business-aviation products and services," said Jay Johnson, the company's chairman and CEO, in the announcement.
"By remaining focused on execution and leveraging the strength of our diverse portfolio, we delivered a solid first quarter and remain on track for another strong year," he said.
General Dynamics, of Falls Church, Va., ranks No. 6 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.