General Dynamics Reports Second-Quarter 2024 Financial Results

Rhea-AI Summary

General Dynamics (NYSE: GD) reported strong second-quarter 2024 financial results, with revenue up 18% to $12 billion and operating earnings increasing 20.2% to $1.2 billion compared to Q2 2023. Diluted EPS rose 20.7% to $3.26, while operating margin expanded by 20 basis points to 9.7%. The company saw growth across all key measures, with notable strength in Technologies and Combat Systems segments.

Gulfstream delivered 37 aircraft in Q2, including 31 large-cabin models, up from 24 deliveries in the year-ago quarter. The company's backlog stood at $91.3 billion, with total estimated contract value reaching $129.8 billion. Significant defense orders totaled $7.4 billion, with Combat Systems achieving a book-to-bill ratio of 1.5-to-1.

Positive

• Revenue increased 18% year-over-year to $12 billion
• Operating earnings grew 20.2% to $1.2 billion
• Diluted EPS rose 20.7% to $3.26
• Operating margin expanded by 20 basis points to 9.7%
• Gulfstream aircraft deliveries increased from 24 to 37 year-over-year
• Total estimated contract value reached $129.8 billion
• Combat Systems segment achieved a book-to-bill ratio of 1.5-to-1

Negative

• Consolidated book-to-bill ratio was 0.8-to-1 for the quarter, indicating more revenue than new orders

Insights

Financial Analyst

General Dynamics' reported financial results showcase a robust quarter, with notable increases in revenue, operating earnings and diluted EPS. A revenue boost of 18 year-over-year indicates strong operational performance across various segments. The uptick in operating margin to 9.7 reflects improved efficiency and cost management. The Gulfstream segment also showed solid progress with a ramp-up in large-cabin aircraft deliveries, suggesting strong demand in the aerospace market.

The company's ability to generate net cash of $814 million from operating activities, alongside disciplined capital deployment, highlights sound financial management. The repurchase of shares and substantial dividend payout indicate a commitment to returning value to shareholders.

However, the book-to-bill ratio of 0.8-to-1 could imply potential concerns about future order inflows compared to current revenues. Yet, a backlog of $91.3 billion provides a cushion, ensuring predictable future revenue streams. The defense segments, particularly Combat Systems, displayed strong order activity, which is a positive sign given the ongoing global defense expenditure trends.

Defense Industry Expert

General Dynamics' performance in the defense sector is quite promising. The Combat Systems segment achieving a book-to-bill ratio of 1.5-to-1 reflects a strong pipeline of orders and solid demand for military systems. Substantial awards, including contracts for the Canadian government's LVM program and the U.S. Army's Stryker vehicle fleet support, underscore the strategic importance and reliability of GD's defense offerings.

The notable contracts, such as the $1.9 billion agreement for Logistics Vehicle Modernization and various munitions and ordnance contracts, put the company in a robust position within the defense landscape. This is particularly relevant in the current geopolitical climate, where defense spending is likely to remain elevated. The IDIQ contracts add further potential revenue, mitigating future order risks.

Market Research Analyst

The economic indicators from General Dynamics' latest quarter convey strong market positioning. The growth in both revenue and operating earnings suggests competitive strength and effective market strategies. In the Aerospace segment, the surge in large-cabin aircraft deliveries indicates a recovery in commercial aviation and sustained demand for high-end business jets. This trend aligns with broader industry recovery patterns post-pandemic.

The company's backlog nearing $129.8 billion speaks to a solid long-term outlook. Despite a book-to-bill ratio of 0.8-to-1, the extensive backlog offers reassurance of future revenue streams. Moreover, the increased backlog in the defense segment by 2.8 from the prior year underscores the ongoing expansion in military procurements, driven by heightened security concerns globally.

Overall, General Dynamics seems well-positioned to capitalize on both defense and commercial aerospace markets. The company's balanced approach toward capital expenditure and shareholder returns further strengthens investor confidence.

• Revenue of $12 billion, up 18% from year-ago quarter
• Operating earnings of $1.2 billion, up 20.2% from year-ago quarter
• Diluted EPS of $3.26, up 20.7% from year-ago quarter
• Operating margin of 9.7%, a 20-basis-point expansion from year-ago quarter

RESTON, Va., July 24, 2024 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported second-quarter 2024 revenue of $12 billion, up 18% from the second quarter of 2023. Operating earnings of $1.2 billion were up 20.2% from the year-ago quarter. Diluted earnings per share (EPS) were $3.26, up 20.7% from the year-ago quarter. Operating margin for the quarter was 9.7%, a 20-basis point expansion from the year-ago quarter, with particular strength in the Technologies and Combat Systems segments.

"This was a strong quarter overall, as reflected by solid growth in all key measures from a year ago. Our businesses continue to focus on disciplined execution of their programs, cost and schedule," said Phebe N. Novakovic, chairman and chief executive officer. "In the Aerospace segment, we are continuing to ramp up the pace of our G700 deliveries and our defense businesses continued to grow, reflecting increased demand in response to the threat environment."

Gulfstream delivered 37 aircraft in the quarter, 31 of which were large-cabin aircraft. This compares with 24 aircraft delivered in the year-ago quarter, of which 18 were large-cabin.

Cash and Capital Deployment
Net cash provided by operating activities in the quarter was $814 million, or 90% of net earnings. During the quarter, the company paid $389 million in dividends, invested $201 million in capital expenditures, and used $34 million to repurchase shares, ending the quarter with $1.4 billion in cash and equivalents on hand.

Orders and Backlog
The consolidated book-to-bill ratio, defined as orders divided by revenue, was 0.8-to-1 for the quarter. Company-wide backlog was $91.3 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.5 billion. Total estimated contract value, the sum of all backlog components, was $129.8 billion.

In the Aerospace segment, orders in the quarter totaled $2.7 billion. Aerospace backlog of $20 billion is 2.8% above the year-ago quarter.

In the defense segments, orders in the quarter totaled $7.4 billion, with particular strength in Combat Systems, which had a book-to-bill ratio of 1.5-to-1. Significant awards in the defense segments included two contracts from the Canadian government, with options having combined maximum potential value of $1.9 billion shared with an industry partner, for the Logistics Vehicle Modernization (LVM) program; $205 million, with options having a maximum potential value of $1.1 billion, for planning yard services for the Arleigh Burke-class (DDG-51) guided-missile destroyer program; a $25 million contract from the U.S. Army, with maximum potential value of $535 million, for systems technical support of the Stryker vehicle fleet; $205 million, with options having a maximum potential value of $525 million, from the North Carolina Department of Health and Human Services to operate its Medicaid Management Information System; various munitions and ordnance contracts with maximum potential value totaling $460 million if all options are exercised; and several key contracts for classified customers with maximum potential value of $665 million. A detailed list of significant awards is provided in Exhibit I.

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 second-quarter 2024 financial results conference call at 9 a.m. EDT on Wednesday, July 24, 2024. 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 telephone two hours after the end of the call through July 31, 2024, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at www.gd.com.

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, circumstances 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
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
	Three Months Ended				Variance
	June 30, 2024		July 2, 2023		$			%
Revenue	$                           11,976		$                           10,152		$       1,824			18.0 %
Operating costs and expenses	(10,820)		(9,190)		(1,630)
Operating earnings	1,156		962		194			20.2 %
Other, net	18		13		5
Interest, net	(84)		(89)		5
Earnings before income tax	1,090		886		204			23.0 %
Provision for income tax, net	(185)		(142)		(43)
Net earnings	$                                905		$                                744		$          161			21.6 %
Earnings per share—basic	$                               3.30		$                               2.72		$         0.58			21.3 %
Basic weighted average shares outstanding	274.1		273.1
Earnings per share—diluted	$                               3.26		$                               2.70		$         0.56			20.7 %
Diluted weighted average shares outstanding	277.7		275.1

 

EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
	Six Months Ended				Variance
	June 30, 2024		July 2, 2023		$			%
Revenue	$                          22,707		$                            20,033		$       2,674			13.3 %
Operating costs and expenses	(20,515)		(18,133)		(2,382)
Operating earnings	2,192		1,900		292			15.4 %
Other, net	32		46		(14)
Interest, net	(166)		(180)		14
Earnings before income tax	2,058		1,766		292			16.5 %
Provision for income tax, net	(354)		(292)		(62)
Net earnings	$                            1,704		$                              1,474		$          230			15.6 %
Earnings per share—basic	$                              6.22		$                                5.39		$         0.83			15.4 %
Basic weighted average shares outstanding	273.8		273.6
Earnings per share—diluted	$                              6.14		$                                5.34		$         0.80			15.0 %
Diluted weighted average shares outstanding	277.4		275.8

 

EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
	Three Months Ended				Variance
	June 30, 2024		July 2, 2023		$			%
Revenue:
Aerospace	$                         2,940		$                         1,953		$             987			50.5 %
Marine Systems	3,453		3,059		394			12.9 %
Combat Systems	2,288		1,924		364			18.9 %
Technologies	3,295		3,216		79			2.5 %
Total	$                       11,976		$                       10,152		$          1,824			18.0 %
Operating earnings:
Aerospace	$                            319		$                            236		$               83			35.2 %
Marine Systems	245		235		10			4.3 %
Combat Systems	313		251		62			24.7 %
Technologies	320		283		37			13.1 %
Corporate	(41)		(43)		2			4.7 %
Total	$                         1,156		$                            962		$             194			20.2 %
Operating margin:
Aerospace	10.9 %		12.1 %
Marine Systems	7.1 %		7.7 %
Combat Systems	13.7 %		13.0 %
Technologies	9.7 %		8.8 %
Total	9.7 %		9.5 %

 

EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
	Six Months Ended				Variance
	June 30, 2024		July 2, 2023		$			%
Revenue:
Aerospace	$                         5,024		$                         3,845		$          1,179			30.7 %
Marine Systems	6,784		6,051		733			12.1 %
Combat Systems	4,390		3,680		710			19.3 %
Technologies	6,509		6,457		52			0.8 %
Total	$                       22,707		$                       20,033		$          2,674			13.3 %
Operating earnings:
Aerospace	$                            574		$                            465		$             109			23.4 %
Marine Systems	477		446		31			7.0 %
Combat Systems	595		496		99			20.0 %
Technologies	615		582		33			5.7 %
Corporate	(69)		(89)		20			22.5 %
Total	$                         2,192		$                         1,900		$             292			15.4 %
Operating margin:
Aerospace	11.4 %		12.1 %
Marine Systems	7.0 %		7.4 %
Combat Systems	13.6 %		13.5 %
Technologies	9.4 %		9.0 %
Total	9.7 %		9.5 %

 

EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
						(Unaudited)
						June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and equivalents						$                      1,362		$                      1,913
Accounts receivable						3,152		3,004
Unbilled receivables						8,568		7,997
Inventories						9,686		8,578
Other current assets						1,544		2,123
Total current assets						24,312		23,615
Noncurrent assets:
Property, plant and equipment, net						6,276		6,198
Intangible assets, net						1,550		1,656
Goodwill						20,452		20,586
Other assets						2,852		2,755
Total noncurrent assets						31,130		31,195
Total assets						$                    55,442		$                    54,810
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt						$                      2,004		$                         507
Accounts payable						2,969		3,095
Customer advances and deposits						10,089		9,564
Other current liabilities						3,195		3,266
Total current liabilities						18,257		16,432
Noncurrent liabilities:
Long-term debt						7,257		8,754
Other liabilities						7,892		8,325
Total noncurrent liabilities						15,149		17,079
Shareholders' equity:
Common stock						482		482
Surplus						3,925		3,760
Retained earnings						40,191		39,270
Treasury stock						(21,128)		(21,054)
Accumulated other comprehensive loss						(1,434)		(1,159)
Total shareholders' equity						22,036		21,299
Total liabilities and shareholders' equity						$                    55,442		$                    54,810

 

EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
	Six Months Ended
	June 30, 2024		July 2, 2023
Cash flows from operating activities—continuing operations:
Net earnings	$                      1,704		$                      1,474
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	311		297
Amortization of intangible and finance lease right-of-use assets	117		136
Equity-based compensation expense	87		87
Deferred income tax benefit	(90)		(154)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(158)		(159)
Unbilled receivables	(601)		513
Inventories	(1,152)		(1,264)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(125)		(33)
Customer advances and deposits	169		1,286
Other, net	274		10
Net cash provided by operating activities	536		2,193
Cash flows from investing activities:
Capital expenditures	(360)		(373)
Other, net	53		(31)
Net cash used by investing activities	(307)		(404)
Cash flows from financing activities:
Dividends paid	(750)		(705)
Purchases of common stock	(139)		(378)
Repayment of fixed-rate notes	–		(750)
Other, net	111		(42)
Net cash used by financing activities	(778)		(1,875)
Net cash used by discontinued operations	(2)		(2)
Net decrease in cash and equivalents	(551)		(88)
Cash and equivalents at beginning of period	1,913		1,242
Cash and equivalents at end of period	$                      1,362		$                      1,154

 

EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
			June 30, 2024		December 31, 2023
Debt-to-equity (a)			42.0 %		43.5 %
Book value per share (b)			$                         80.20		$                         77.85
Shares outstanding			274,777,579		273,599,948
			Second Quarter				Six Months
			2024		2023		2024		2023
Income tax refunds (payments), net			$                              81		$                           (269)		$                              48		$                           (327)
Company-sponsored research and development (c)			$                            147		$                            145		$                            284		$                            255
Return on sales (d)			7.6 %		7.3 %		7.5 %		7.4 %
Non-GAAP Financial Measures:
			Second Quarter				Six Months
			2024		2023		2024		2023
Free cash flow:
Net cash provided by operating activities			$                            814		$                            731		$                            536		$                         2,193
Capital expenditures			(201)		(212)		(360)		(373)
Free cash flow (e)			$                            613		$                            519		$                            176		$                         1,820
			June 30, 2024		December 31, 2023
Net debt:
Total debt			$                         9,261		$                         9,261
Less cash and equivalents			1,362		1,913
Net debt (f)			$                         7,899		$                         7,348

(a)   Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period. (b)   Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period. (c)   Includes independent research and development and Aerospace product-development costs. (d)   Return on sales is calculated as net earnings divided by revenue. (e)   We define free cash flow as net cash from 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. (f)   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
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
		Funded		Unfunded		Total Backlog		Estimated Potential Contract Value*		Total Estimated Contract Value
Second Quarter 2024:
Aerospace		$                    19,126		$                         911		$                    20,037		$                               372		$                          20,409
Marine Systems		29,912		11,436		41,348		3,983		45,331
Combat Systems		16,003		673		16,676		5,816		22,492
Technologies		9,365		3,875		13,240		28,283		41,523
Total		$                    74,406		$                    16,895		$                    91,301		$                          38,454		$                        129,755
First Quarter 2024:
Aerospace		$                    19,564		$                         981		$                    20,545		$                               305		$                          20,850
Marine Systems		29,711		14,415		44,126		3,749		47,875
Combat Systems		14,923		686		15,609		7,002		22,611
Technologies		8,976		4,478		13,454		29,206		42,660
Total		$                    73,174		$                    20,560		$                    93,734		$                          40,262		$                        133,996
Second Quarter 2023:
Aerospace		$                    19,050		$                         447		$                    19,497		$                               888		$                          20,385
Marine Systems		30,318		13,410		43,728		3,238		46,966
Combat Systems		14,349		718		15,067		6,196		21,263
Technologies		9,732		3,333		13,065		27,639		40,704
Total		$                    73,449		$                    17,908		$                    91,357		$                          37,961		$                        129,318
*  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

https://mma.prnewswire.com/media/2467407/H_1.jpg

EXHIBIT H-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

https://mma.prnewswire.com/media/2467406/H_2.jpg 

EXHIBIT I

SECOND QUARTER 2024 SIGNIFICANT ORDERS - (UNAUDITED)

DOLLARS IN MILLIONS

We received the following significant contract awards during the second quarter of 2024:

Marine Systems:

• $205 from the U.S. Navy for planning yard services for the Arleigh Burke-class (DDG-51) guided-missile destroyer program. The contract including options has a maximum potential value of $1.1 billion.
• $55 from the Navy to support non-nuclear maintenance on submarines based at the New England Naval Submarine Support Facility.
• $55 from the Navy for maintenance and modernization on the USS James E. Williams, a DDG-51 guided-missile destroyer.
• $35 for design and engineering services in support of U.S. and U.K. submarine technologies for the Navy.
• $35 for advanced nuclear plant studies (ANPS) in support of the Columbia-class submarine program for the Navy.

Combat Systems:

• Two contracts from the Canadian government for the Logistics Vehicle Modernization (LVM) program to provide a new fleet of light and heavy armored vehicles and logistics support services for the Canadian army. These contracts including options have a maximum potential value of $1.9 billion. The scope of work is shared with an industry partner.
• $25 from the U.S. Army for systems technical support on the Stryker fleet. The contract has a maximum potential value of $535.
• $385 for various munitions and ordnance. These contracts including options have a maximum potential value of $460.
• $390 from the Army primarily to establish additional capacity for artillery propellant.
• $375 from the Army to upgrade Stryker vehicles to the double-V-hull A1 configuration.
• $325 from the Army for the third phase of the low-rate initial production (LRIP) of the M10 Booker Combat Vehicle.
• $230 from the Army to upgrade Abrams main battle tanks to the system enhancement package version 3 (SEPv3) configuration.
• $120 from the Army to provide system and sustainment technical support services for Abrams main battle tanks.

Technologies:

• $530 for several key contracts for classified customers. These contracts have a maximum potential value of $665.
• $205 from the North Carolina Department of Health and Human Services to operate its Medicaid Management Information System. The contract including options has a maximum potential value of $525.
• $50 from the Centers for Medicare and Medicaid Services (CMS) to support the Benefits Coordination & Recovery Center. The contract including options has a maximum potential value of $285.
• $55 to provide information technology (IT) network operations and maintenance services to the Army. The contract including options has a maximum potential value of $200.
• $185 from CMS to provide cloud services and software tools.
• $30 to provide cybersecurity services to the U.S. Air Force. The contract including options has a maximum potential value of $185.
• $145 to provide ship modernization services for the Navy.
• $10 to integrate hardware and software solutions for Navy platforms. The contract including options has a maximum potential value of $110.

 

EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS
		Second Quarter				Six Months
		2024		2023		2024		2023
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft		31		18		52		35
Mid-cabin aircraft		6		6		9		10
Total		37		24		61		45
Aerospace Book-to-Bill:
Orders*		$                    2,673		$                    2,476		$                    5,099		$                    4,203
Revenue		2,940		1,953		5,024		3,845
Book-to-Bill Ratio		0.9x		1.3x		1.0x		1.1x
*   Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

View original content to download multimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-second-quarter-2024-financial-results-302204554.html

SOURCE General Dynamics

FAQ

What was General Dynamics' (GD) revenue in Q2 2024?

General Dynamics reported revenue of $12 billion in Q2 2024, an 18% increase from the same quarter in 2023.

How many aircraft did Gulfstream deliver in Q2 2024?

Gulfstream delivered 37 aircraft in Q2 2024, including 31 large-cabin models, compared to 24 deliveries in the same quarter of the previous year.

What was General Dynamics' (GD) diluted EPS for Q2 2024?

General Dynamics reported diluted earnings per share (EPS) of $3.26 for Q2 2024, a 20.7% increase from the year-ago quarter.

What was General Dynamics' (GD) backlog as of Q2 2024?

General Dynamics reported a company-wide backlog of $91.3 billion as of Q2 2024, with total estimated contract value reaching $129.8 billion.