General Dynamics (NYSE: GD) reported quarterly net earnings of $1 billion, or $3.49 per diluted share, on $10.5 billion in revenue. For the full year, net earnings were $3.2 billion, or $11.00 per diluted share, on revenue of $37.9 billion.
Net cash provided by operating activities in the quarter totaled $2.6 billion, or 256% of net earnings. For the year, net cash provided by operating activities totaled $3.9 billion, or 122% of net earnings.
Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.2 billion for the quarter, a 221% conversion of net earnings, and $2.9 billion for the year, a 91% conversion of net earnings.
During the quarter, the company reduced its net debt by $1.7 billion, invested $345 million in capital expenditures, paid $315 million in dividends, and repurchased $100.7 million in shares at an average price of $143.80, ending 2020 with $2.8 billion in cash and equivalents on hand.
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