General Dynamics Reports $3.8 Billion in Earnings for 2024
General Dynamics posted $3.8 billion in net earnings for 2024, marking a 14.1% increase compared to the previous year. Revenue reached $47.7 billion, up 12.9% year-over-year.
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General Dynamics presented its financial results for the fourth quarter and full-year 2024, reporting growth across all segments.
Financial Performance
The company reported quarterly net earnings of $1.1 billion, a 14.2% increase year-over-year. Revenue reached $13.3 billion, up 14.3%, while diluted EPS stood at $4.15, reflecting a 14% growth.
For the full year, General Dynamics recorded net earnings of $3.8 billion, a 14.1% increase compared to 2023. Revenue totaled $47.7 billion, a 12.9% rise, while the annual EPS reached $13.63, up 13.4%.
Phebe N. Novakovic, Chairwoman and CEO, highlighted growth across all four segments and a stable order book, maintaining a 1:1 book-to-bill ratio.
Aerospace & Defense
In the Aerospace segment, Gulfstream delivered 47 aircraft in Q4, including 42 large-cabin jets. Annual deliveries totaled 136, with 118 in the large-cabin category. Quarterly orders amounted to $3.8 billion, with a backlog of $19.7 billion at year-end.
In the three defense segments, the company secured key contracts, including:
- A $5.6 billion contract with the USAF for modernization and integration of Mission Partner Environments (MPEs).
- A $2.2 billion agreement with the U.S. Space Force for MUOS satellite system maintenance.
- $1.9 billion in U.S. Navy contracts for Virginia-class submarine supplies and services.
- A $370 million agreement with the U.S. Army for 155mm artillery shell production.
- Munitions and artillery contracts worth up to $820 million.
- Various classified contracts totaling $1.4 billion.
Cash Flow & Balance Sheet
Operating cash flow in Q4 reached $2.2 billion, representing 188% of net earnings. For the full year, operating cash flow was $4.1 billion, equivalent to 109% of net earnings.
During 2024, General Dynamics:
- Invested $916 million in capital expenditures.
- Paid $560 million in taxes.
- Repaid $500 million in fixed-rate bonds.
- Returned $3 billion to shareholders via dividends and share buybacks.
The company ended the year with $1.7 billion in cash and equivalents.
At the close of 2024, General Dynamics had a backlog of $90.6 billion. Additional potential contract value in indefinite delivery/indefinite quantity agreements was estimated at $53.4 billion, bringing the total estimated contract value to $144 billion, up 9.1% from the previous year.
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