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- General Dynamics Corp GD reported third-quarter FY21 revenue growth of 1.5% year-over-year to $9.57 billion, missing the consensus of $9.84 billion.
- Sales by segments: Aerospace $2.07 billion (+4.6% Y/Y), Marine Systems $2.64 billion (+9.6% Y/Y), Combat Systems $1.75 billion (-3.1% Y/Y) and Technologies $3.12 billion (-4% Y/Y).
- EPS improved by 5.9% Y/Y to $3.07, beating the consensus of $2.98.
- The operating earnings increased by 0.7% Y/Y to $1.08 billion, and the margin contracted by 10 bps to 11.3%.
- General Dynamics generated cash from operating activities year-to-date of $2.59 billion, compared to $1.29 billion a year ago, and free cash flow of $2.09 billion.
- At the end of Q3, the company's backlog was $88.1 billion, up 8.1% Y/Y.
- Orders in the Aerospace segment were strong, with the backlog up 22.8% Y/Y to $14.7 billion.
- The total estimated contract value, the sum of all backlog components, was $129.6 billion at the end of the quarter.
- The company held cash and equivalents of $3.14 billion, and the Debt-to-capital ratio was 46.5% as of October 3, 2021.
- Price action: GD shares are trading higher by 0.08% at $204.75 during the premarket session on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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