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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 live webcast of its fourth-quarter and full-year 2022 financial results conference call on January 25 at 9 a.m. EST. Investors can access the live stream via www.gd.com. A replay will be accessible shortly after the event. This call is crucial for stakeholders to evaluate the company's performance over the past year and gain insights into future strategies and expectations.
General Dynamics Electric Boat has received a $5.1 billion modification to its Columbia Integrated Product and Process Development Contract from the U.S. Navy. This contract supports the construction of the Columbia class submarines, set to replace the aging Ohio class submarines. The funds will be allocated for advance procurement and construction of critical components through October 2030. The Columbia submarines will be the largest ever built by the U.S., with the lead ship expected to be delivered in 2027.
General Dynamics has appointed Jason Aiken as the new executive vice president of the Technologies segment effective January 1, 2023. Aiken, who will also continue as chief financial officer, takes over from Christopher Marzilli, who has announced his retirement after 40 years with the company. Phebe N. Novakovic, chairman and CEO, praised Marzilli’s contributions to the company's growth and expressed confidence in Aiken's leadership to continue meeting customer needs and driving future growth amidst a strong backlog.
The board of directors of General Dynamics (NYSE: GD) declared a quarterly dividend of $1.26 per share on December 7, 2022. This dividend is payable on February 10, 2023, to shareholders on record as of January 20, 2023. General Dynamics, a leading aerospace and defense company, reported $38.5 billion in revenue for 2021 and employs over 100,000 individuals globally. This dividend announcement reflects the company's commitment to returning value to shareholders.
General Dynamics Information Technology (GDIT) has established a coalition with Amazon Web Services (AWS), Cisco, Dell Technologies, Splunk, and T-Mobile to expedite the implementation of 5G and edge technologies across government agencies. This initiative aims to enhance communication and operational efficiency through advanced wireless solutions. GDIT's Advanced Wireless Emerge Lab will assist in developing prototypes tailored to governmental needs, addressing sectors like military, logistics, healthcare, and education. The coalition leverages each partner's strengths to provide secure 5G solutions while prioritizing cybersecurity for government operations.
General Dynamics (NYSE: GD) reported Q3 2022 earnings with revenue of $10 billion, a 4.3% increase year over year. Net earnings reached $902 million, up 4.9%, and diluted EPS was $3.26, marking a 6.2% rise. The company generated free cash flow of $1 billion, accounting for 114% of net earnings. Strong demand in Aerospace, Combat Systems, and Marine Systems led to a backlog of $88.8 billion and a total estimated contract value of $125.8 billion by quarter's end. Recent contract awards totaled over $4 billion.
General Dynamics (NYSE: GD) will host a live webcast of its third-quarter 2022 financial results conference call on October 26 at 9 a.m. EDT. The event will be accessible at www.gd.com, with a recording available shortly afterward. This announcement highlights the company's commitment to transparency and shareholder engagement as it prepares to discuss its financial performance for the period.
General Dynamics Electric Boat, a unit of General Dynamics (NYSE: GD), has received a contract modification valued at $532.9 million from the U.S. Navy for support related to Virginia-class submarines. The work will take place in Groton, Connecticut, and Newport News, Virginia, with completion expected by October 2023. Kevin Graney, president of Electric Boat, emphasized the importance of this contract in maintaining the submarines' advanced warfighting capabilities for the U.S. Navy.
Epirus and General Dynamics (GD) have successfully integrated Epirus' Leonidas high-power microwave system with the Stryker combat vehicle, a year after their strategic teaming agreement. This collaboration resulted in the development of the Stryker Leonidas, which was demonstrated in the field by disabling drone targets. The integration enhances counter-electronics capabilities critical for countering threats from swarming drones. The Stryker Leonidas will be showcased at the AUSA Annual Meeting in Washington, D.C., highlighting its mobile protection features for U.S. Army operations.
On October 10-12, 2022, General Dynamics (NYSE:GD) will showcase its innovative defense technologies at the Association of the U.S. Army's Annual Meeting & Exposition in Washington, D.C. Key products include the AbramsX main battle tank, StrykerX vehicle, and the TRX Breacher robot. The company will also present advanced solutions like the Google Anthos platform for tactical operations and various command and control systems. General Dynamics aims to enhance military capabilities while supporting climate initiatives through hybrid technologies.
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