General Dynamics Aerospace revenues jump 10%YoY
G700 aircraft
General Dynamics reported financial results for first quarter of 2024 wherein it reported revenue from its aerospace segment at $2.1bn, up 10% year-over-year from $1.9bn in the same period last year.
“In the Aerospace segment, the recent Federal Aviation Administration (FAA) certification of the Gulfstream G700 has enabled us to begin customer deliveries. This is a strong start to 2024 and we remain confident in our outlook,” said Phebe N. Novakovic, chairman and chief executive officer, General Dynamics.
On the book-to-bill, in the Aerospace segment, the company received $2.4bn worth of orders in the quarter under review, growing the segment’s backlog to $20.5bn, up 6.2% from the same quarter last year. Aerospace book-to-bill was 1.2-to-1 for the quarter.
In terms of deliveries, the aerospace manufacturer delivered 21 large-cabin and three mid-cabin aircraft in the first quarter of 2024.
Overall, General Dynamics posted diluted earnings per share of $2.88, an improvement of 9.1% from $2.64 a year ago. This came on the back of 8.6% growth in revenue to $10.7bn and healthy operating margin of $1.03bn (9.65% of revenue). On the bottom line, the company’s net earnings during the quarter stood at $799m.
“Our businesses delivered solid operating results in the quarter, growing revenue and backlog, while expanding margins, even as we awaited G700 certification,” added Novakovic.
General Dynamics’ consolidated book-to-bill ratio was 1-to-1 for the quarter. Company-wide backlog clocked in at $93.7bn, up 4.4% from the same period last year.
On April 23, one day before the announcement of first quarter results, the company announced that it has delivered first two G700 aircraft to customers.
