GD first-quarter revenues down 6 percent from 2009

But net earnings were up 1.2 percent over the first quarter of 2009

General Dynamics Corp. today reported overall first-quarter 2010 revenues of $7.75 billion, down 6.2 percent from $8.26 billion in the first quarter of 2009.

First-quarter 2010 earnings from continuous operations were $599 million, for a 1 percent growth rate compared to $593 million in first-quarter 2009.

Net earnings for the first quarter were $597 million, compared to $590 million in the first quarter of 2009, the company said.

Significant orders received include contracts valued at $845 million for construction of two additional T-AKE combat-logistics ships and $115 million for construction materials for an additional DDG-51 destroyer for the Navy, and $515 million for Stryker vehicle production and support for the Army, the company announcement said.

Also, the Information Systems and Technology group was awarded a contract valued at $340 million to initiate production of the second increment of the Army’s next-generation on-the-move tactical battlefield network, called WIN-T.

Funded backlog at the end of first-quarter 2010 grew to $47.4 billion, a 3 percent increase over the end of the fourth quarter of 2009.

The company’s total backlog at the end of the first quarter of 2010 was $63.9 billion, and the estimated potential contract value was an additional $17 billion, which represents management’s estimate of value under unfunded indefinite-delivery, indefinite-quantity contracts and unexercised options.

“General Dynamics delivered a strong operational performance in the first quarter of 2010,” said Jay Johnson, president and CEO, in the statement.

“Operating margins across the company were steady or improving, demonstrating the benefits of our commitment to continuous improvement, and we saw good order activity across the corporation,” he said.

“On balance, General Dynamics delivered solid results, giving us a good first step down the path toward meeting our overall performance objectives for the year,” Johnson said.

General Dynamics Corp., of Falls Church, Va., ranks No. 4 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.

About the Author

David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.

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