General Dynamics Reports Fourth-Quarter and Full-Year 2019 Financial Results

– Backlog grew 28.1% to record-high $86.9 billion, for book-to-bill of 1.5-to-1 for the year

RESTON, Va., Jan. 29, 2020 /PRNewswire/ — General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion on $10.8 billion in revenue. Full-year earnings from continuing operations were $3.5 billion on revenue of $39.4 billion. Full-year revenue and operating earnings grew in all five segments.

Fourth-quarter’s net earnings grew 12.2% over fourth-quarter 2018. On a per share basis, diluted earnings per share (EPS) were $3.51, a 14.3% increase over the year-ago quarter. For the year, diluted EPS from continuing operations were $11.98, a 6.8% increase from 2018.

“We continue to improve performance and focus on lines of business that will deliver value for our customers and sustained superior results for our shareholders,” said Phebe N. Novakovic, chairman and chief executive officer. “Our fourth-quarter and full-year performance, coupled with strong order intake, leaves us well positioned to create enduring value.”

SEGMENT HIGHLIGHTS

Aerospace
Aerospace revenue was $2.9 billion for the quarter, up 8.4% over the year-ago quarter, for full-year revenue of $9.8 billion. Operating earnings were $480 million for the quarter, up 25.7% over the year-ago quarter, and $1.5 billion for the year. Operating margin was 16.4% for the quarter, up 230 basis points over the year-ago quarter, and 15.6% for the year. Backlog grew during the fourth quarter to $13.3 billion, up 17.4% from the end of 2018. Book-to-bill was 1.7-to-1 for the quarter and 1.2-to-1 for the year. Gulfstream received FAA type and production certification of its G600 in the second quarter and deliveries began in the third quarter. In the fourth quarter, Gulfstream unveiled the G700 and announced the first orders for the new aircraft, scheduled to begin customer deliveries in 2022.

Combat Systems
Combat Systems reported fourth-quarter revenue of $2 billion, up 13.1% over the year-ago quarter, for full-year revenue of $7 billion. Operating earnings were $284 million, up 8.8% over the year-ago quarter, for full-year operating earnings of $996 million. Operating margin was 14.4% for the quarter and 14.2% for the year. The segment was selected in 2019 to produce light armored vehicles for the Canadian Army. It continues to develop new platforms to meet future customer needs, including Mobile Protected Firepower and new variants of the Stryker.

Information Technology
Information Technology reported fourth-quarter revenue of $2 billion and $8.4 billion for the year. Operating earnings were $172 million for the fourth quarter and $628 million for the year. Operating margin was 8.5% for the quarter, up 40 basis points over the year-ago quarter, and 7.5% for the year. Total backlog was $9.1 billion, up 14.7% from the end of 2018. Total estimated contract value, which includes management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $28.1 billion, up 12.4% from the end of 2018. Book-to-bill was 1-to-1 for the quarter and 1.1-to-1 for the year.

Mission Systems
Mission Systems reported fourth-quarter revenue of $1.3 billion, up 2.5% from the year-ago quarter, for full-year revenue of $4.9 billion. Operating earnings were $188 million for the quarter, up 3.9% from the year-ago quarter, and $683 million for the year. Operating margin was 14.7% for the quarter, up 20 basis points from the year-ago quarter, and 13.8% for the year. Backlog was $5.4 billion. Book-to-bill was 1-to-1 for the year. Significant awards included a contract from the U.S. Navy to modernize ground stations for satellite communications systems with a maximum potential value of $730 million.

Marine Systems
Marine Systems reported quarterly revenue of $2.6 billion, up 11.7% from the year-ago quarter, for full-year revenue of $9.2 billion. Operating earnings were $199 million for the quarter and $785 million for the year. Operating margin was 7.8% for the quarter and 8.5% for the year. The award in the fourth quarter of a $22.2 billion contract for Virginia-class submarines expanded the segment’s backlog to $44.2 billion, up 66.1% from the end of 2018. Book-to-bill was 8.1-to-1 for the quarter and 2.9-to-1 for the year.

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; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2019. More information is available at www.gd.com.

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due
to a variety of factors. Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2019 financial results conference call at 9 a.m. EST on Wednesday, January 29, 2020. The webcast will be a listen-only audio event available at


www.gd.com


. An on-demand replay of the webcast will be available by 12 noon on January 29 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10137702. The phone replay will be available through January 29, 2020. Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its financial results for the quarter and year ended December 31, 2019, are available on its website at


www.gd.com


. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2020 guidance presented on its earnings call.


 

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Three Months Ended December 31 

Variance 

2019

2018


   $

%

Revenue 

$

10,773

$

10,378

$

395

3.8

%

Operating costs and expenses 

(9,445)

(9,152)

(293)

Operating earnings 

1,328

1,226

102

8.3

%

Interest, net 

(110)

(112)

2

Other, net 

(4)

18

(22)

Earnings before income tax 

1,214

1,132

82

7.2

%

Provision for income tax, net 

(194)

(223)

29

Net earnings 

$

1,020

$

909

$

111

12.2

%

Earnings per share—basic 

$

3.53

$

3.10

$

0.43

13.9

%

Basic weighted average shares outstanding 

288.8

293.2

Earnings per share—diluted 

$

3.51

$

3.07

$

0.44

14.3

%

Diluted weighted average shares outstanding 

290.9

296.4

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Year Ended December 31

Variance

2019

2018*

$

%

Revenue

$

39,350

$

36,193

$

3,157

8.7

%

Operating costs and expenses

(34,702)

(31,736)

(2,966)

Operating earnings

4,648

4,457

191

4.3

%

Interest, net

(460)

(356)

(104)

Other, net

14

(16)

30

Earnings from continuing operations before income tax

4,202

4,085

117

2.9

%

Provision for income tax, net

(718)

(727)

9

Earnings from continuing operations

3,484

3,358

126

3.8

%

Discontinued operations, net of tax

(13)

13

Net earnings

$

3,484

$

3,345

$

139

4.2

%

Earnings per share—basic

Continuing operations

$

12.09

$

11.37

$

0.72

6.3

%

Discontinued operations

(0.04)

0.04

Net earnings

$

12.09

$

11.33

$

0.76

6.7

%

Basic weighted average shares outstanding

288.3

295.3

Earnings per share—diluted

Continuing operations

$

11.98

$

11.22

$

0.76

6.8

%

Discontinued operations

(0.04)

0.04

Net earnings

$

11.98

$

11.18

$

0.80

7.2

%

Diluted weighted average shares outstanding

290.8

299.2

*

2018 results include the unfavorable impact of one-time charges of approximately $75 associated with costs to complete the acquisition of CSRA Inc. In the table above, approximately $45 of compensation-related costs was reported in operating costs and expenses, and approximately $30 of transaction costs was reported in other, net.

EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended December 31

Variance

2019

2018

$

%


Revenue:

Aerospace

$

2,930

$

2,704

$

226

8.4

%

Combat Systems

1,972

1,744

228

13.1

%

Information Technology

2,024

2,382

(358)

(15.0)

%

Mission Systems

1,282

1,251

31

2.5

%

Marine Systems

2,565

2,297

268

11.7

%

Total

$

10,773

$

10,378

$

395

3.8

%


Operating earnings:

Aerospace

$

480

$

382

$

98

25.7

%

Combat Systems

284

261

23

8.8

%

Information Technology

172

194

(22)

(11.3)

%

Mission Systems

188

181

7

3.9

%

Marine Systems

199

213

(14)

(6.6)

%

Corporate

5

(5)

10

(200.0)

%

Total

$

1,328

$

1,226

$

102

8.3

%


Operating margin:

Aerospace

16.4

%

14.1

%

Combat Systems

14.4

%

15.0

%

Information Technology

8.5

%

8.1

%

Mission Systems

14.7

%

14.5

%

Marine Systems

7.8

%

9.3

%

Total

12.3

%

11.8

%

EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Year Ended December 31

Variance

2019

2018*

$

%


Revenue:

Aerospace

$

9,801

$

8,455

$

1,346

15.9

%

Combat Systems

7,007

6,241

766

12.3

%

Information Technology

8,422

8,269

153

1.9

%

Mission Systems

4,937

4,726

211

4.5

%

Marine Systems

9,183

8,502

681

8.0

%

Total

$

39,350

$

36,193

$

3,157

8.7

%


Operating earnings:

Aerospace

$

1,532

$

1,490

$

42

2.8

%

Combat Systems

996

962

34

3.5

%

Information Technology

628

608

20

3.3

%

Mission Systems

683

659

24

3.6

%

Marine Systems

785

761

24

3.2

%

Corporate

24

(23)

47

204.3

%

Total

$

4,648

$

4,457

$

191

4.3

%


Operating margin:

Aerospace

15.6

%

17.6

%

Combat Systems

14.2

%

15.4

%

Information Technology

7.5

%

7.4

%

Mission Systems

13.8

%

13.9

%

Marine Systems

8.5

%

9.0

%

Total

11.8

%

12.3

%

*

2018 results include the unfavorable impact of approximately $45 of compensation-related one-time charges associated with costs to complete the acquisition of CSRA Inc. This amount was reported as a reduction of Corporate operating earnings in the table above.

EXHIBIT E

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

(Unaudited)

December 31, 2019

December 31, 2018

ASSETS

Current assets:

Cash and equivalents

$

902

$

963

Accounts receivable

3,544

3,759

Unbilled receivables

7,857

6,576

Inventories

6,306

5,977

Other current assets

1,171

914

Total current assets

19,780

18,189

Noncurrent assets:

Property, plant and equipment, net

4,475

3,978

Intangible assets, net

2,315

2,585

Goodwill

19,677

19,594

Other assets

2,594

1,062

Total noncurrent assets

29,061

27,219

Total assets

$

48,841

$

45,408

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt and current portion of long-term debt

$

2,920

$

973

Accounts payable

3,162

3,179

Customer advances and deposits

7,148

7,270

Other current liabilities

3,571

3,317

Total current liabilities

16,801

14,739

Noncurrent liabilities:

Long-term debt

9,010

11,444

Other liabilities

9,453

7,493

Total noncurrent liabilities

18,463

18,937

Shareholders’ equity:

Common stock

482

482

Surplus

3,039

2,946

Retained earnings

31,633

29,326

Treasury stock

(17,358)

(17,244)

Accumulated other comprehensive loss

(4,219)

(3,778)

Total shareholders’ equity

13,577

11,732

Total liabilities and shareholders’ equity

$

48,841

$

45,408

EXHIBIT F

CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)

DOLLARS IN MILLIONS

Year Ended December 31

2019

2018

Cash flows from operating activities—continuing operations:

     Net earnings

$

3,484

$

3,345

     Adjustments to reconcile net earnings to net cash from operating activities:

          Depreciation of property, plant and equipment

466

436

          Amortization of intangible and finance lease right-of-use assets

363

327

          Equity-based compensation expense

133

140

          Deferred income tax provision (benefit)

92

(3)

          Discontinued operations, net of tax

13

     (Increase) decrease in assets, net of effects of business acquisitions:

          Accounts receivable

176

417

          Unbilled receivables

(1,303)

(800)

          Inventories

(376)

(591)

          Other current assets

8

310

     Increase (decrease) in liabilities, net of effects of business acquisitions:

          Accounts payable

6

(197)

          Customer advances and deposits

(105)

36

     Other, net

37

(285)

     Net cash provided by operating activities

2,981

3,148

Cash flows from investing activities:

     Capital expenditures

(987)

(690)

     Business acquisitions, net of cash acquired

(19)

(10,099)

     Proceeds from sales of assets

14

562

     Other, net

(2)

(7)

     Net cash used by investing activities

(994)

(10,234)

Cash flows from financing activities:

     Dividends paid

(1,152)

(1,075)

     (Repayments of) proceeds from commercial paper, net

(850)

850

     Purchases of common stock

(231)

(1,769)

     Proceeds from fixed-rate notes

6,461

     Proceeds from floating-rate notes

1,000

     Repayment of CSRA accounts receivable purchase agreement

(450)

     Other, net

236

69

     Net cash (used) provided by financing activities

(1,997)

5,086

Net cash used by discontinued operations

(51)

(20)

Net decrease in cash and equivalents

(61)

(2,020)

Cash and equivalents at beginning of year

963

2,983

Cash and equivalents at end of year

$

902

$

963

EXHIBIT G

PRELIMINARY FINANCIAL INFORMATION – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS


Other Financial Information:

December 31, 2019

December 31, 2018

Debt-to-equity (a)

87.9

%

105.8

%

Debt-to-capital (b)

46.8

%

51.4

%

Book value per share (c)

$

46.88

$

40.64

Shares outstanding

289,610,336

288,698,149

Fourth Quarter

Twelve Months

2019

2018

2019

2018

Income tax payments, net

$

85

$

227

$

572

$

532

Company-sponsored research and
development (d)

$

114

$

146

$

466

$

502

Return on sales (e)

9.5

%

8.8

%

8.9

%

9.3

%

Return on equity (f)

27.2

%

28.1

%


Non-GAAP Financial Measures:

Fourth Quarter

Twelve Months

2019

2018

2019

2018

Earnings before interest, taxes,
depreciation and amortization:

Earnings from continuing operations

$

1,020

$

909

$

3,484

$

3,358

Interest, net

110

112

460

356

Provision for income tax, net

194

223

718

727

Depreciation of property, plant and
equipment

114

121

466

436

Amortization of intangible and
finance lease right-of-use assets

90

100

363

327

     Earnings before interest, taxes, 
     depreciation and amortization (g)

$

1,528

$

1,465

$

5,491

$

5,204

Free cash flow from operations:

Net cash provided by operating
activities

$

2,394

$

2,067

$

2,981

$

3,148

Capital expenditures

(381)

(243)

(987)

(690)

Free cash flow from operations (h)

$

2,013

$

1,824

$

1,994

$

2,458

Return on invested capital:

Earnings from continuing operations

$

3,484

$

3,358

After-tax interest expense

373

295

After-tax amortization expense

287

258

Net operating profit after taxes

4,144

3,911

Average invested capital

29,620

25,367

Return on invested capital (i)

14.0

%

15.4

%

(a)

Debt-to-equity ratio is calculated as total debt divided by total equity as of year end.

(b)

Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of year end.

(c)

Book value per share is calculated as total equity divided by total outstanding shares as of year end.

(d)

Includes independent research and development and Aerospace product-development costs.

(e)

Return on sales is calculated as earnings from continuing operations divided by revenue.

(f)

Return on equity is calculated by dividing earnings from continuing operations by our average equity during the year.

(g)

We believe earnings before interest, taxes, depreciation and amortization (EBITDA) is a useful measure for investors because it provides another measure of our profitability and our ability to service our debt. We calculate EBITDA by adding back interest, taxes, depreciation and amortization to earnings from continuing operations. The most directly comparable GAAP measure to EBITDA is earnings from continuing operations.

(h)

We believe free cash flow from operations is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying maturing debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a key performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.

(i)

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 earnings from continuing operations 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 shareholders’ equity excluding accumulated other comprehensive loss. ROIC excludes goodwill impairments and non-economic accounting changes as they are not reflective of company performance. The most directly comparable GAAP measure to net operating profit after taxes is earnings from continuing operations.

EXHIBIT H

BACKLOG – (UNAUDITED)

DOLLARS IN MILLIONS

Funded

Unfunded

Total
Backlog

Estimated

Potential

Contract Value*

Total
Estimated
Contract Value


Fourth Quarter 2019:

Aerospace

$

13,168

$

181

$

13,349

$

2,989

$

16,338

Combat Systems

14,474

439

14,913

4,322

19,235

Information Technology

4,839

4,294

9,133

19,003

28,136

Mission Systems

5,037

326

5,363

7,482

12,845

Marine Systems

20,012

24,175

44,187

5,453

49,640

Total

$

57,530

$

29,415

$

86,945

$

39,249

$

126,194


Third Quarter 2019:

Aerospace

$

11,195

$

188

$

11,383

$

2,065

$

13,448

Combat Systems

15,069

449

15,518

4,255

19,773

Information Technology

4,782

4,381

9,163

18,063

27,226

Mission Systems

5,152

307

5,459

6,764

12,223

Marine Systems

17,801

8,072

25,873

4,497

30,370

Total

$

53,999

$

13,397

$

67,396

$

35,644

$

103,040


Fourth Quarter 2018:

Aerospace

$

11,208

$

167

$

11,375

$

3,130

$

14,505

Combat Systems

16,174

424

16,598

4,187

20,785

Information Technology

4,717

3,248

7,965

17,066

25,031

Mission Systems

4,890

445

5,335

7,409

12,744

Marine Systems

18,837

7,761

26,598

3,703

30,301

Total

$

55,826

$

12,045

$

67,871

$

35,495

$

103,366

*

The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

EXHIBIT H-1
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS

EXHIBIT H-1

https://mma.prnewswire.com/media/1083176/EXHIBIT_H_1.jpg

EXHIBIT H-2
BACKLOG BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS

EXHIBIT H-2 Aerospace

https://mma.prnewswire.com/media/1083177/EXHIBIT_H_2_Aerospace.jpg

EXHIBIT H-2 Combat Systems

https://mma.prnewswire.com/media/1083178/EXHIBIT_H_2_Combat_Systems.jpg 

EXHIBIT H-2 Information Technology

https://mma.prnewswire.com/media/1083179/EXHIBIT_H_2_Information_Technology.jpg 

EXHIBIT H-2 Mission Systems

https://mma.prnewswire.com/media/1083180/EXHIBIT_H_2_Mission_Systems.jpg  

EXHIBIT H-2 Marine Systems

https://mma.prnewswire.com/media/1083181/EXHIBIT_H_2_Marine_Systems.jpg

https://mma.prnewswire.com/media/1083270/EXHIBIT_H_2_Key.jpg  

EXHIBIT I

FOURTH QUARTER 2019 SIGNIFICANT ORDERS – (UNAUDITED)

DOLLARS IN MILLIONS

We received the following significant contract awards during the fourth quarter of 2019:


Combat Systems:

  • $465 from the U.S. Army to upgrade Abrams tanks to the M1A2 System Enhancement Package Version 3 configuration.
  • $160 from the Army for various munitions and ordnance.
  • $150 for the production of Eagle vehicles and related spares for Switzerland.
  • $35 from the Army to provide systems technical support for Abrams main battle tanks.


Information Technology:

  • $800 to support the operations and enhancement of several state health insurance programs.
  • $355 for several key contracts to provide intelligence services to classified customers.
  • $150 to provide operations and maintenance support services for a Department of Homeland Security (DHS) data center.
  • $105 from the National Geospatial-Intelligence Agency (NGA) for network storage and data center services.
  • A contract from the U.S. Department of Education for development, operation and maintenance of the Federal Student Aid Application and Eligibility Determination System (AEDS). The contract has a maximum potential value of $90.
  • $75 to provide Military Information Support Operations (MISO) to the U.S. Department of Defense.


Mission Systems:

  • A sole-source contract from the U.S. Navy to provide sustainment services for the Navy’s next-generation Mobile User Objective System (MUOS) satellite communications system. The contract has a maximum potential value of $730.
  • $90 from the Navy to provide sustainment services for Littoral Combat Ships (LCS), including maintenance of in-service ships’ Integrated Combat Management System (ICMS). The contract has a maximum potential value of $395.
  • $60 from the Navy to modernize and maintain fire-control systems for ballistic-missile submarines. The contract has a maximum potential value of $300.
  • $80 from the Army for computing and communications equipment under the Common Hardware Systems-5 program.
  • $60 to perform Strategic Systems Program Alteration (SPALT) activities to rebuild and repair MK6 missile guidance systems for the Navy.


Marine Systems:

  • $22.2 billion contract from the Navy for the construction of nine submarines in Block V of the Virginia-class submarine program and spare materials. The contract includes $3.2 billion of previously-awarded orders for advance materials. The contract includes an option for a tenth submarine that if exercised would bring the total contract value to $24.1 billion.
  • $435 from the Navy to provide design and development activities for Virginia-class submarines.
  • $300 from the Navy to provide maintenance and repair services for the Arleigh Burke-class (DDG-51) guided-missile destroyer, Independence-variant LCS and Harpers Ferry-class dock landing ship (LSD) programs.
  • $80 from the Navy to provide planning yard services for the DDG-51 destroyer program.
  • $45 from the Navy to provide non-nuclear maintenance and repair services for submarines located at the Naval Submarine Support Facility in New London, Connecticut.

EXHIBIT J

AEROSPACE SUPPLEMENTAL DATA – (UNAUDITED)

Fourth Quarter

Twelve Months

2019

2018

2019

2018


Gulfstream Aircraft Deliveries (units):

Large-cabin aircraft

35

34

114

92

Mid-cabin aircraft

9

8

33

29

Total

44

42

147

121


Pre-owned Aircraft Deliveries (units):

6

3

15

7


Aerospace Book-to-Bill:

Orders (a)

$

4,652

$

2,117

$

11,674

$

7,596

Revenue (excluding pre-owned aircraft sales)

2,774

2,650

9,509

8,322

Book-to-Bill Ratio (b)

1.68x 

0.80x 

1.23x 

0.91x 

(a)

Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

(b)

Gulfstream new aircraft book-to-bill (value of new aircraft orders versus new aircraft deliveries) was 2.0x in the fourth quarter and 1.4x for the full year 2019.

General Dynamics (PRNewsFoto/General Dynamics) (PRNewsFoto/General Dynamics)

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SOURCE General Dynamics

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