General Dynamics Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 24, 2018 at 07:04 pm IST
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General Dynamics Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of $8,277 million compared to $7,654 million a year ago. Operating earnings were $1,034 million compared to $768 million a year ago. Earnings from continuing operations before income tax were $1,008 million compared to $745 million a year ago. Earnings from continuing operations were $636 million or $2.1 per diluted share compared to $580 million or $1.89 per diluted share a year ago. Net earnings were $636 million or $2.1 per diluted share compared to $570 million or $1.85 per diluted share a year ago. Adjusted non-GAAP earnings from continuing operations were $755 million or $2.5 per diluted share. Return on equity was 26.6% compared to 25.6% a year ago. As at December 31, 2017, the company’s book value per share of $38.52 compared to $34.06 a year ago. Net cash provided by operating activities was $1,998 million compared to $826 million a year ago. Capital expenditures were $155 million compared to $148 million a year ago. Free cash flow from operations was $1,843 million compared to $678 million a year ago.
For the year, the company reported revenue of $30,973 million compared to $30,561 million a year ago. Operating earnings were $4,177 million compared to $3,734 million a year ago. Earnings from continuing operations before income tax were $4,077 million compared to $3,656 million a year ago. Earnings from continuing operations were $2,912 million or $9.56 per diluted share compared to $2,679 million or $8.64 per diluted share a year ago. Net earnings were $2,912 million or $9.56 per diluted share compared to $2,572 million or $8.29 per diluted share a year ago. Adjusted non-GAAP earnings from continuing operations were $3,031 million or $9.95 per diluted share. Net cash provided by operating activities was $3,879 million compared to $2,198 million a year ago. Capital expenditures were $428 million compared to $392 million a year ago. Free cash flow from operations was $3,451 million compared to $1,806 million a year ago.
General Dynamics Corporation specializes in the design, manufacturing and marketing of aeronautical, space, naval, and defense systems and equipment. Net sales break down by family of products and services as follows:
- information systems and technologies (30.6%): telecommunication, control, surveillance, monitoring, and similar systems;
- submarines and boats (29.5%);
- business aircraft (20.4%). Moreover, the group offers maintenance and assistance services etc.;
- defense and security systems (19.5%): armored combat vehicles, land combat systems, weapons systems, munitions, protection and detection systems, etc.
Net sales break down by source of income between sales of products (58.2%) and services (41.8%).
Net sales are distributed geographically as follows: the United States (85.5%), North America (2.3%), Europe (6.5%), Africa and Middle East (2.7%), Asia/Pacific (2.6%) and America Latin (0.4%).
GENERAL DYNAMICS CORPORATION 
