General Dynamics Reports Fourth-Quarter and Full-Year 2023 Financial Results PR Newswire RESTON, Va., Jan. 24, 2024 RESTON, Va., Jan. 24, 2024 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion, or $3.64 diluted earnings per share (EPS). Revenue of $11.7 billion was up 7.5% over the year-ago quarter. For the full year, net earnings were $3.3 billion, or $12.02 per diluted share. Full-year revenue was $42.3 billion, a 7.3% increase from 2022. "We had a solid fourth quarter, capping off a year that saw growth in all four segments and continued strong cash flow," said Phebe N. Novakovic, chairman and chief executive officer. "Our Aerospace segment in particular saw solid execution and continued demand in the quarter and is well positioned for a surge in deliveries upon FAA certification of the G700." Cash Net cash provided by operating activities in the quarter totaled $1.2 billion, or 119% of net earnings. For the year, net cash provided by operating activities totaled a record-high $4.7 billion, or 142% of net earnings. During the year, the company reduced debt by $1.2 billion, invested $904 million in capital expenditures, paid $1.4 billion in dividends, and used $434 million to repurchase shares, ending 2023 with $1.9 billion in cash and equivalents on hand. Backlog
Orders remained strong across the company with a consolidated book-to-bill ratio, defined as orders divided by revenue, of 0.8- to-1 for the quarter and 1.1-to-1 for the year. Backlog of $93.6 billion was the highest year-end backlog in the company's history. In addition to backlog, estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.3 billion at year end. Total estimated contract value, the sum of all backlog components, was $132 billion at the end of the year.
In the Aerospace segment, orders in the quarter totaled $3.2 billion, growing backlog to $20.5 billion, up 4.8% from the year-ago quarter. Aerospace book-to-bill was 1.2-to-1 for the quarter and the year.
In the three defense segments, significant awards in the quarter included an IDIQ contract with maximum potential value of $2.5 billion from the Indian Health Service to modernize its electronic health record system; an IDIQ contract with maximum potential value of $975 million to provide mission command training and technical support services to the U.S. Army; $395 million, with options having maximum potential value of $840 million, for maintenance and modernization of two U.S. Navy Arleigh Burke-class (DDG-51) guided-missile destroyers; a contract with maximum potential value of $420 million to provide ongoing lead-yard services for the Navy's DDG-51 program; $265 million for various munitions and ordnance; and $245 million, with maximum potential value of $590 million, for several key contracts for classified customers.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $42.3 billion in revenue in 2023. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2023 financial results conference call today at 9 a.m. EST. The webcast will be a listen-only audio event available at GD.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through January 31, 2024, at 1-800-770-2030 (international: +1 647-362-9199), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at . General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2024 guidance presented during the call.
This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circ*mstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP).
While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A | |||||||||
Three Months Ended December 31 | Variance | ||||||||
2023 | 2022 | $ | % | ||||||
Revenue | $ | 11,668 | $ | 10,851 | $ 817 | 7.5% | |||
Operating costs and expenses | (10,380) | (9,624) | (756) | ||||||
Operating earnings | 1,288 | 1,227 | 61 | 5.0% | |||||
Other, net | 17 | 69 | (52) | ||||||
Interest, net | (78) | (85) | 7 | ||||||
Earnings before income tax | 1,227 | 1,211 | 16 | 1.3% | |||||
Provision for income tax, net | (222) | (219) | (3) | ||||||
Net earnings | $ | 1,005 | $ | 992 | $ 13 | 1.3% | |||
Earnings per share—basic | $ | 3.68 | $ | 3.62 | $ 0.06 | 1.7% | |||
Basic weighted average shares outstanding | 272.8 | 274.0 | |||||||
Earnings per share—diluted | $ | 3.64 | $ | 3.58 | $ 0.06 | 1.7% | |||
Diluted weighted average shares outstanding | 275.9 | 277.2 |
EXHIBIT B | |||||||||
Year Ended December 31 | Variance | ||||||||
2023 | 2022 | $ | % | ||||||
Revenue | $ | 42,272 | $ | 39,407 | $ 2,865 | 7.3% | |||
Operating costs and expenses | (38,027) | (35,196) | (2,831) | ||||||
Operating earnings | 4,245 | 4,211 | 34 | 0.8% | |||||
Other, net | 82 | 189 | (107) | ||||||
Interest, net | (343) | (364) | 21 | ||||||
Earnings before income tax | 3,984 | 4,036 | (52) | (1.3)% | |||||
Provision for income tax, net | (669) | (646) | (23) | ||||||
Net earnings | $ | 3,315 | $ | 3,390 | $ (75) | (2.2)% | |||
Earnings per share—basic | $ | 12.14 | $ | 12.31 | $ (0.17) | (1.4)% | |||
Basic weighted average shares outstanding | 273.1 | 275.3 | |||||||
Earnings per share—diluted | $ | 12.02 | $ | 12.19 | $ (0.17) | (1.4)% | |||
Diluted weighted average shares outstanding | 275.7 | 278.2 |
EXHIBIT C REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) | |||||||
Three Months Ended December 31 | Variance | ||||||
2023 | 2022 | $ | % | ||||
Aerospace | $ 2,744 | $ 2,450 | $ 294 | 12.0% | |||
Marine Systems | 3,408 | 2,969 | 439 | 14.8% | |||
Combat Systems | 2,364 | 2,179 | 185 | 8.5% | |||
Technologies | 3,152 | 3,253 | (101) | (3.1)% | |||
Total | $ 11,668 | $ 10,851 | $ 817 | 7.5% | |||
Aerospace | $ 449 | $ 337 | $ 112 | 33.2% | |||
Marine Systems | 217 | 237 | (20) | (8.4)% | |||
Combat Systems | 351 | 332 | 19 | 5.7% | |||
Technologies | 305 | 340 | (35) | (10.3)% | |||
Corporate | (34) | (19) | (15) | (78.9)% | |||
Total | $ 1,288 | $ 1,227 | $ 61 | 5.0% | |||
Aerospace | 16.4% | 13.8% | |||||
Marine Systems | 6.4% | 8.0% | |||||
Combat Systems | 14.8% | 15.2% | |||||
Technologies | 9.7% | 10.5% | |||||
Total | 11.0% | 11.3% |
EXHIBIT D | |||||||
Year Ended December 31 | Variance | ||||||
2023 | 2022 | $ | % | ||||
Aerospace | $ 8,621 | $ 8,567 | $ 54 | 0.6% | |||
Marine Systems | 12,461 | 11,040 | 1,421 | 12.9% | |||
Combat Systems | 8,268 | 7,308 | 960 | 13.1% | |||
Technologies | 12,922 | 12,492 | 430 | 3.4% | |||
Total | $ 42,272 | $ 39,407 | $ 2,865 | 7.3% | |||
Aerospace | $ 1,182 | $ 1,130 | $ 52 | 4.6% | |||
Marine Systems | 874 | 897 | (23) | (2.6)% | |||
Combat Systems | 1,147 | 1,075 | 72 | 6.7% | |||
Technologies | 1,202 | 1,227 | (25) | (2.0)% | |||
Corporate | (160) | (118) | (42) | (35.6)% | |||
Total | $ 4,245 | $ 4,211 | $ 34 | 0.8% | |||
Aerospace | 13.7% | 13.2% | |||||
Marine Systems | 7.0% | 8.1% | |||||
Combat Systems | 13.9% | 14.7% | |||||
Technologies | 9.3% | 9.8% | |||||
Total | 10.0% | 10.7% |
EXHIBIT E | |||
(Unaudited) | |||
December 31, 2023 | December 31, 2022 | ||
ASSETS | |||
Current assets: | |||
Cash and equivalents | $ 1,913 | $ 1,242 | |
Accounts receivable | 3,004 | 3,008 | |
Unbilled receivables | 7,997 | 8,795 | |
Inventories | 8,578 | 6,322 | |
Other current assets | 2,123 | 1,696 | |
Total current assets | 23,615 | 21,063 | |
Noncurrent assets: | |||
Property, plant and equipment, net | 6,198 | 5,900 | |
Intangible assets, net | 1,656 | 1,824 | |
Goodwill | 20,586 | 20,334 | |
Other assets | 2,755 | 2,464 | |
Total noncurrent assets | 31,195 | 30,522 | |
Total assets | $ 54,810 | $ 51,585 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Short-term debt and current portion of long-term debt | $ 507 | $ 1,253 | |
Accounts payable | 3,095 | 3,398 | |
Customer advances and deposits | 9,564 | 7,436 | |
Other current liabilities | 3,266 | 3,254 | |
Total current liabilities | 16,432 | 15,341 | |
Noncurrent liabilities: | |||
Long-term debt | 8,754 | 9,243 | |
Other liabilities | 8,325 | 8,433 | |
Total noncurrent liabilities | 17,079 | 17,676 | |
Shareholders' equity: | |||
Common stock | 482 | 482 | |
Surplus | 3,760 | 3,556 | |
Retained earnings | 39,270 | 37,403 | |
Treasury stock | (21,054) | (20,721) | |
Accumulated other comprehensive loss | (1,159) | (2,152) | |
Total shareholders' equity | 21,299 | 18,568 | |
Total liabilities and shareholders' equity | $ 54,810 | $ 51,585 |
EXHIBIT F | |||
Year Ended December 31 | |||
2023 | 2022 | ||
Cash flows from operating activities—continuing operations: | |||
Net earnings | $ 3,315 | $ 3,390 | |
Adjustments to reconcile net earnings to net cash from operating activities: | |||
Depreciation of property, plant and equipment | 608 | 586 | |
Amortization of intangible and finance lease right-of-use assets | 255 | 298 | |
Equity-based compensation expense | 181 | 165 | |
Deferred income tax benefit | (177) | (178) | |
(Increase) decrease in assets, net of effects of business acquisitions: | |||
Accounts receivable | 38 | 46 | |
Unbilled receivables | 913 | (256) | |
Inventories | (2,219) | (980) | |
Increase (decrease) in liabilities, net of effects of business acquisitions: | |||
Accounts payable | (303) | 224 | |
Customer advances and deposits | 2,415 | 2,082 | |
Income taxes payable | (209) | (436) | |
Other, net | (107) | (362) | |
Net cash provided by operating activities | 4,710 | 4,579 | |
Cash flows from investing activities: | |||
Capital expenditures | (904) | (1,114) | |
Other, net | (37) | (375) | |
Net cash used by investing activities | (941) | (1,489) | |
Cash flows from financing activities: | |||
Dividends paid | (1,428) | (1,369) | |
Repayment of fixed-rate notes | (1,250) | (1,000) | |
Purchases of common stock | (434) | (1,229) | |
Other, net | 18 | 127 | |
Net cash used by financing activities | (3,094) | (3,471) | |
Net cash (used) provided by discontinued operations | (4) | 20 | |
Net increase (decrease) in cash and equivalents | 671 | (361) | |
Cash and equivalents at beginning of year | 1,242 | 1,603 | |
Cash and equivalents at end of year | $ 1,913 | $ 1,242 |
EXHIBIT G ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED) | |||||||
December 31, 2023 | December 31, 2022 | ||||||
Debt-to-equity (a) | 43.5% | 56.5% | |||||
Book value per share (b) | $ 77.85 | $ 67.66 | |||||
Shares outstanding | 273,599,948 | 274,411,106 | |||||
Fourth Quarter | Twelve Months | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Income tax payments, net | $ 607 | $ 478 | $ 1,100 | $ 1,245 | |||
Company-sponsored research and development (c) | $ 115 | $ 119 | $ 510 | $ 480 | |||
Return on sales (d) | 8.6% | 9.1% | 7.8% | 8.6% | |||
Return on equity (e) | 16.8% | 19.0% | |||||
Fourth Quarter | Twelve Months | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Free cash flow: | |||||||
Net cash provided by operating activities | $ 1,196 | $ 669 | $ 4,710 | $ 4,579 | |||
Capital expenditures | (304) | (494) | (904) | (1,114) | |||
Free cash flow (f) | $ 892 | $ 175 | $ 3,806 | $ 3,465 | |||
Return on invested capital: | |||||||
Net earnings | $ 3,315 | $ 3,390 | |||||
After-tax interest expense | 315 | 309 | |||||
After-tax amortization expense | 201 | 235 | |||||
Net operating profit after taxes | 3,831 | 3,934 | |||||
Average invested capital | 31,258 | 31,260 | |||||
Return on invested capital (g) | 12.3% | 12.6% | |||||
December 31, 2023 | December 31, 2022 | ||||||
Net debt: | |||||||
Total debt | $ 9,261 | $ 10,496 | |||||
Less cash and equivalents | 1,913 | 1,242 | |||||
Net debt (h) | $ 7,348 | $ 9,254 | |||||
Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page. |
EXHIBIT G (Cont.) | |
(a) | Debt-to-equity ratio is calculated as total debt divided by total equity as of year end. |
(b) | Book value per share is calculated as total equity divided by total outstanding shares as of year end. |
(c) | Includes independent research and development and Aerospace product-development costs. |
(d) | Return on sales is calculated as net earnings divided by revenue. |
(e) | Return on equity is calculated by dividing net earnings by our average total equity during the year. Average total equity is calculated using the total equity balance at the end of the preceding year and the total equity balances at the end of each of the four quarters of the year presented. |
(f) | We define free cash flow as net cash provided by operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management. |
(g) | We believe return on invested capital (ROIC) is a useful measure for investors because it reflects our ability to generate returns from the capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance measure in evaluating management. We define ROIC as net operating profit after taxes divided by average invested capital. Net operating profit after taxes is defined as net earnings plus after-tax interest and amortization expense, calculated using the statutory federal income tax rate. Average invested capital is defined as the sum of the average debt and average shareholders' equity excluding accumulated other comprehensive loss. Average debt and average shareholders' equity excluding accumulated other comprehensive loss are calculated using the respective balances at the end of the preceding year and the respective balances at the end of each of the four quarters of the year presented. ROIC excludes goodwill impairments and non-economic accounting changes as they are not reflective of company performance. |
(h) | We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an important indicator of liquidity and financial position. |
EXHIBIT H | |||||||||
Funded | Unfunded | Total Backlog | Estimated | Total | |||||
Aerospace | $ 19,557 | $ 897 | $ 20,454 | $ 451 | $ 20,905 | ||||
Marine Systems | 30,141 | 15,755 | 45,896 | 3,647 | 49,543 | ||||
Combat Systems | 13,816 | 721 | 14,537 | 6,236 | 20,773 | ||||
Technologies | 8,961 | 3,779 | 12,740 | 28,011 | 40,751 | ||||
Total | $ 72,475 | $ 21,152 | $ 93,627 | $ 38,345 | $ 131,972 | ||||
Aerospace | $ 19,654 | $ 405 | $ 20,059 | $ 785 | $ 20,844 | ||||
Marine Systems | 30,445 | 17,277 | 47,722 | 3,113 | 50,835 | ||||
Combat Systems | 14,375 | 719 | 15,094 | 6,098 | 21,192 | ||||
Technologies | 9,833 | 2,852 | 12,685 | 27,302 | 39,987 | ||||
Total | $ 74,307 | $ 21,253 | $ 95,560 | $ 37,298 | $ 132,858 | ||||
Aerospace | $ 19,077 | $ 439 | $ 19,516 | $ 685 | $ 20,201 | ||||
Marine Systems | 26,246 | 19,453 | 45,699 | 3,672 | 49,371 | ||||
Combat Systems | 12,726 | 525 | 13,251 | 5,364 | 18,615 | ||||
Technologies | 9,100 | 3,571 | 12,671 | 26,889 | 39,560 | ||||
Total | $ 67,149 | $ 23,988 | $ 91,137 | $ 36,610 | $ 127,747 | ||||
* The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) future may be higher or lower than our estimate of potential contract value. |
EXHIBIT H-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
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EXHIBIT H-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
https://mma.prnewswire.com/media/2324799/Exhibit_H_2.jpg
EXHIBIT I
FOURTH QUARTER 2023 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS
We received the following significant contract awards during the fourth quarter of 2023:
- $395 from the U.S. Navy for maintenance and modernization on the USS Chung-Hoon and USS James E. Williams, Arleigh Burke-class (DDG-51) guided missile destroyers. The contract including options has a maximum potential value of $840.
- A contract from the Navy to provide ongoing lead yard services for the DDG-51 program. The contract including options has a maximum potential value of $420.
- $215 from the Navy for long-lead materials for Block VI Virginia-class submarines.
- $105 from the Navy for lead yard services, development studies and design efforts for Virginia-class submarines.
- $265 for various munitions and ordnance.
- $230 to provide maintenance and modernization for the Leopard fleet of vehicles for the Spanish Ministry of Defense.
- $200 from the U.S. Army to upgrade Abrams main battle tanks to the system enhancement package version 3 (SEPv3) configuration.
- $180 from the Army to establish additional capacity for artillery propellant.
- $100 to produce Piranha armored combat vehicles for Switzerland.
- $60 from the Army to establish additional capacity for 155mm artillery projectile metal parts production.
- An indefinite delivery, indefinite quantity (IDIQ) contract from the Indian Health Service (IHS) to modernize its electronic health record (EHR) system. The contract has a maximum potential value of $2.5 billion.
- An IDIQ contract to provide mission command training and technical support services for the Army. The contract has a maximum potential value of $975 among multiple awardees.
- $245 for several key contracts for classified customers. These contracts including options have a maximum potential value of $590.
- $95 from U.S. Special Operations Command (USSOCOM) to provide a full range of activities to support USSOCOM operations, including program management, mission infrastructure and training services. The contract including options has a maximum potential value of $490.
- A contract from the Centers for Medicare and Medicaid Services (CMS) to continue operating and modernizing the agency's Healthcare Integrated General Ledger Accounting System (HIGLAS) application. The contract including options has a maximum potential value of $450.
- $100 from the Department of Homeland Security's Office of Biometric Identity Management (OBIM) to provide operations and maintenance support services for the Automated Biometric Identification System (IDENT). The contract including options has a maximum potential value of $385.
- $130 from the Navy to provide sustainment services for the next-generation Mobile User Objective System (MUOS) satellite communications system.
- Initial task orders on the $4.5 billion U.S. Air Force Security Support Services IDIQ contract to implement comprehensive security services, counterintelligence analysis and cybersecurity assessments.
EXHIBIT J AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED) | |||||||
Fourth Quarter | Twelve Months | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Large-cabin aircraft | 32 | 30 | 89 | 96 | |||
Mid-cabin aircraft | 7 | 8 | 22 | 24 | |||
Total | 39 | 38 | 111 | 120 | |||
Orders* | $ 3,164 | $ 2,973 | $ 10,283 | $ 12,573 | |||
Revenue | 2,744 | 2,450 | 8,621 | 8,567 | |||
Book-to-Bill Ratio | 1.15x | 1.21x | 1.19x | 1.47x | |||
* Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog | |||||||
SOURCE General Dynamics
As a seasoned expert in finance, particularly in the aerospace and defense industry, I am well-versed in analyzing and interpreting financial reports. The provided article from PR Newswire highlights General Dynamics' fourth-quarter and full-year 2023 financial results. Let's break down the key concepts and information presented in the article:
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Financial Highlights:
- Fourth-Quarter Net Earnings: General Dynamics reported net earnings of $1 billion in the fourth quarter of 2023.
- Diluted Earnings Per Share (EPS): The diluted EPS was $3.64.
- Revenue: The company achieved a revenue of $11.7 billion in the fourth quarter, reflecting a 7.5% increase from the year-ago quarter.
- Cash Flow: Net cash provided by operating activities was $1.2 billion, representing 119% of net earnings for the quarter. The full-year net cash provided by operating activities was a record-high $4.7 billion, or 142% of net earnings.
- Backlog: General Dynamics ended the quarter with a backlog of $93.6 billion, the highest year-end backlog in the company's history.
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Segment Performance:
- Aerospace Segment: The Aerospace segment experienced solid execution and continued demand, with orders in the quarter totaling $3.2 billion, leading to a backlog of $20.5 billion.
- Defense Segments: The three defense segments received significant awards, including contracts from the Indian Health Service, U.S. Army, U.S. Navy, and classified customers.
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Financial Metrics:
- Debt Reduction: During the year, the company reduced debt by $1.2 billion.
- Investments: General Dynamics invested $904 million in capital expenditures.
- Dividends and Share Repurchase: The company paid $1.4 billion in dividends and used $434 million to repurchase shares.
- Financial Position: General Dynamics ended 2023 with $1.9 billion in cash and equivalents on hand.
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Financial Statements:
- Earnings Statement: The consolidated statement of earnings shows the revenue, operating costs, net earnings, and earnings per share for both the fourth quarter and the full year of 2023.
- Balance Sheet: The consolidated balance sheet provides information on the company's assets, liabilities, and shareholders' equity as of December 31, 2023.
- Cash Flow Statement: The consolidated statement of cash flows outlines the cash flows from operating, investing, and financing activities for the year ended December 31, 2023.
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Additional Financial Information:
- Financial Ratios: The article includes financial ratios such as debt-to-equity ratio, book value per share, return on sales, return on equity, free cash flow, and return on invested capital.
- Backlog Details: The backlog section breaks down funded and unfunded backlog by segment, along with estimated potential contract value and total estimated contract value.
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Orders and Contracts:
- The article provides a list of significant orders received during the fourth quarter of 2023, including contracts from the U.S. Navy, U.S. Army, Indian Health Service, and classified customers.
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Webcast Information:
- General Dynamics will webcast its fourth-quarter and full-year 2023 financial results conference call.
In summary, General Dynamics had a robust financial performance in the reported period, with strong revenue, earnings, and backlog across its segments. The company demonstrated prudent financial management through debt reduction, strategic investments, and returning value to shareholders through dividends and share repurchases.
