Yahoo Finance General Dynamics (GD) Q1 Earnings Beat, Revenues Rise Y/Y
General Dynamics Corporation GD reported first-quarter 2023 earnings per share (EPS) of $2.64, which beat the Zacks Consensus Estimate of $2.56 by 3.1%. The figure also increased 1.1% from $2.61 per share recorded in the year-ago quarter.
Total Revenues
General Dynamics’ revenues of $9,881 million beat the Zacks Consensus Estimate of $9,322 million by 6%. The top line also improved 5.2% from that reported in the prior-year period.
General Dynamics Corporation Price, Consensus and EPS Surprise
General Dynamics Corporation price-consensus-eps-surprise-chart | General Dynamics Corporation Quote
Segmental Performance
Aerospace: The segment reported revenues of $1,892 million, down 0.6% year over year. Operating earnings of $229 million declined 5.8% from the prior-year quarter’s $354 million.
Marine Systems: This segment’s revenues rose 12.9% to $2,992 million from the year-ago quarter. Operating earnings of $211 million came in line with the year-ago quarter’s reported numbers.
Technologies: The segment’s revenues improved 2.5% year over year to $3,241 million. Operating earnings totaled $299 million, up 0.3% from the $298 million recorded in the prior-year quarter.
Combat Systems: The segment’s revenues of $1,756 million were up 4.8% from the year-ago quarter’s $1,675 million. Operating earnings also improved 7.9% year over year to $245 million.
Operational Highlights
GD’s operating earnings were $938 million, up 3.3% from the year-ago quarter’s reported figure of $908 million.
Operating costs and expenses increased 5.4% to $8.9 million from the year-ago period.
Interest expenses declined 7.1% year over year to $91 million.
Backlog
General Dynamics recorded a total backlog of $89.83 billion, down 1.4% from fourth-quarter 2022’s backlog of $91.14 billion. The funded backlog at first-quarter end was $77.12 billion.
Financial Condition
As of Apr 2, 2023, General Dynamics’ cash and cash equivalents were $2,038 million compared with $1,242 million as of Dec 31, 2022.
Long-term debt as of Apr 2, 2023, was $9,245 million, up from the 2022-end level of $9,243 million.
As of Mar 31, 2023, GD generated cash from operating activities of $1,462 million, down from the $1,968 million recorded in the year-ago period.
Zacks Rank
General Dynamics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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