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.
Orders remained strong across the company with a consolidated book-to-bill of 1.8-to-1 for the quarter and 1.1-to-1 for the year. In addition to backlog of $89.5 billion, management’s estimate of additional value in unfunded indefinite delivery/indefinite quantity (IDIQ) contracts and unexercised options was $45.2 billion at year-end. Total estimated contract value, representing the sum of all backlog components was $134.7 billion, up 6.7% for the year.
Significant awards in the fourth quarter included a $9.5 billion option exercise from the U.S. Navy for construction and test of the first two Columbia-class submarines; $4.4 billion maximum potential value contract from the U.S. Department of Defense to provide cloud solutions for Office 365 deployment and migration; a $3.3 billion maximum potential value contract from the U.S. State Department to provide business process support services; a $695 million contract from the U.S. Army to provide information technology and professional services; $620 million for several key contracts for classified customers; a $405 million initial task order on a $4.3 billion maximum potential value contract to upgrade Abrams tanks for the Army; a $230 million initial task order on an Army contract with a maximum potential contract value of $1.2 billion to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles; $375 million from the Navy to provide lead yard services for the Virginia-class submarine program; and $265 million from the Navy for maintenance and repair services for three ship classes.
Maya Grinberg is a careers Reporter for Tech News vision make it. Prior to joining Tech News Vision, she worked as a fiction stories and a freelancer for magazine, where she eventually worked her way up to careers editor. During this time, she created daily content for own website and worked with the research team to create content. she developed some own Newswebsite.