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General Dynamics Corporation (NYSE: GD) is a global leader in aerospace and defense, offering a broad portfolio of products and services that cater to the safety and security needs of people worldwide. Headquartered in Reston, Virginia, the company operates through four main segments: Aerospace, Marine Systems, Combat Systems, and Technologies.
Aerospace: This segment is renowned for its Gulfstream business jets, which include the recently FAA-certified G700. Gulfstream not only manufactures these aircraft but also provides comprehensive global servicing.
Marine Systems: General Dynamics' Marine Systems segment builds and services nuclear-powered submarines, destroyers, and other naval vessels. The company recently secured a significant U.S. Navy contract for maintenance and modernization projects, ensuring long-term commitments to the Navy’s fleet.
Combat Systems: This segment produces land-based combat vehicles such as the M1 Abrams tank and Stryker armored personnel carrier, along with associated munitions. The company has received major contracts from both U.S. and international defense agencies, including a new deal with Austria for Pandur 6x6 EVO wheeled armored vehicles.
Technologies: The Technologies segment includes IT services primarily for the government market and mission systems that offer command, control, computing, intelligence, surveillance, and reconnaissance capabilities. Recent achievements include a $2.5 billion contract to modernize the Indian Health Service's electronic health record system and a $450 million contract to support the Centers for Medicare and Medicaid Services.
General Dynamics employs over 100,000 people globally, maintaining a presence in 65 countries. The company generated $42.3 billion in revenue in 2023, reflecting steady growth and strong financial performance. The company’s culture of continuous improvement and innovation ensures its agility and relevance in meeting future demands. For the latest updates, financial results, and more information, visit GD.com.
General Dynamics (NYSE: GD) will host a webcast for its third-quarter 2020 financial results on October 28, 2020, at 9 a.m. EDT. The live transmission is available on their official site, with a replay accessible shortly after. This event will provide insights into the company's financial performance for the third quarter of 2020.
General Dynamics Information Technology (GDIT) announced a $100 million IT system modernization contract with the Defense Intelligence Agency (DIA) on October 6, 2020. This contract, under the Enhanced Solutions for the Information Technology Enterprise (E-SITE), includes a one-year base period with four additional option years. The contract focuses on enhancing DIA's core IT infrastructure, including system design, testing, and security accreditation. GDIT emphasizes its long-standing partnership with DIA, aiming to support the modernization of the Department of Defense Intelligence Information System.
General Dynamics Land Systems (GDLS) has secured a $1.219 billion contract from the U.S. Army to produce Interim Maneuver Short-Range Air Defense (IM-SHORAD) systems. The initial order includes 28 Stryker IM-SHORAD vehicles valued at $230 million. The IM-SHORAD is designed to counter threats from various aerial systems and enhances the existing capabilities of the Army's Stryker fleet. The project is expected to be completed by September 30, 2025.
General Dynamics Electric Boat secured two U.S. Navy contracts worth $251 million. The first contract, valued at $215.7 million, modifies an existing agreement aimed at providing engineering and technical services for submarines, potentially exceeding $1 billion if all options are utilized. The second contract, totaling $35.3 million, focuses on Reactor Plant Planning Yard services. President Kevin Graney highlighted their commitment to supporting the Navy, enhancing submarine capabilities, and investing in the workforce.
General Dynamics Information Technology (GDIT) has secured a task order valued at $306 million under the Veterans Intake, Conversion, and Communication Services program from the Department of Veterans Affairs. This contract aims to modernize veteran records, enhancing claims processing through the use of managed services and artificial intelligence. GDIT's initiative will expedite the processing of benefits for veterans, including disability and housing claims, thus improving overall efficiency within the Veterans Benefit Administration (VBA).
General Dynamics Missions Systems and Dedrone have announced a strategic partnership aimed at enhancing airspace security through Dedrone's counter-drone technology. This agreement designates General Dynamics as a value-added reseller for Dedrone's counter-unmanned aerial systems (C-UAS) capabilities, alongside a significant equity investment in Dedrone. The collaboration allows General Dynamics to exclusively offer Dedrone's solutions to a global customer base, including defense, civil government, and critical infrastructure sectors.
The Spanish Ministry of Defense awarded a €1.74 billion (USD $2.06 billion) contract to a joint venture including General Dynamics European Land Systems-Santa Bárbara Sistemas (GDELS-SBS) for 348 8x8 Wheeled Combat Vehicles (VCR). GDELS-SBS's share is €733 million (USD $870 million). Deliveries are scheduled over seven years, with plans for approximately 1,000 vehicles. The joint venture aims for at least 70% Spanish industry participation and will generate around 650 direct and 1,100 indirect jobs.
The board of directors of General Dynamics (NYSE: GD) has declared a regular quarterly dividend of $1.10 per share on common stock. This dividend is payable on November 13, 2020, to shareholders recorded by October 9, 2020. General Dynamics, a global aerospace and defense company headquartered in Reston, Virginia, generated $39.4 billion in revenue in 2019 and employs over 100,000 individuals worldwide. The announcement reflects the company's ongoing commitment to returning value to shareholders.
General Dynamics (NYSE: GD) reported strong second-quarter 2020 results, with net earnings of $625 million and revenue of $9.3 billion, leading to a diluted EPS of $2.18. The company successfully delivered 32 aircraft, an increase from 23 in the previous quarter. Cash flow demonstrated significant growth, with $843 million generated from operating activities and $622 million of free cash flow. Backlog rose to $82.7 billion, 22% higher year-over-year, including significant contract awards totaling over $12 billion, strengthening GD's financial outlook.
General Dynamics (NYSE: GD) announced it will webcast its second-quarter 2020 financial results conference call on July 29, 2020, at 9 a.m. EDT. The live event can be accessed through www.gd.com, with a replay available shortly after the presentation. This webcast is part of General Dynamics’ effort to provide timely financial updates to shareholders and the public.
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