- Net earnings of $730 million on revenue of $9.4 billion
- Diluted EPS of $2.61, up 5.2% year over year
- Cash from operating activities of $2 billion
- Highest Aerospace backlog in more than a decade
RESTON, Va., April 27, 2022 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported first-quarter 2022 net earnings of $730 million on revenue of $9.4 billion. Diluted earnings per share (EPS) were $2.61, a 5.2% increase from the year-ago quarter.
"Aerospace backlog grew for the fifth consecutive quarter, driven by continued strong Gulfstream demand, while operating discipline and growth in aviation services increased the group's margins," said Phebe N. Novakovic, chairman and chief executive officer. "Our defense segments delivered solid performance on key programs across the portfolios."
Cash
Net cash provided by operating activities in the quarter totaled $2 billion, or 270% of net earnings. The company invested $141 million in capital expenditures, paid $330 million in dividends, and used $294 million to repurchase shares, ending the quarter with $2.9 billion in cash and equivalents on hand.
Backlog
Orders remained strong across the company with a consolidated book-to-bill ratio, defined as orders divided by revenue, of 1-to-1 for the quarter. In addition to company-wide backlog of $87.2 billion, estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $41.8 billion. Total estimated contract value, the sum of all backlog components, was $129 billion.
Aerospace backlog grew $1.3 billion in the quarter to $17.6 billion, up 8.1%.
Significant awards in the quarter for the three defense segments included a contract with a maximum potential value of $4.5 billion over 10 years from the National Geospatial-Intelligence Agency to provide hybrid cloud services and information technology design, engineering, and operations and sustainment services; a contract with a maximum potential value of $660 million from the Environmental Protection Agency for managed application, information, networking, enterprise and security services; $340 million from the U.S. Army to produce Stryker maneuver short-range air defense (M-SHORAD) vehicles; $325 million from the Army to upgrade Abrams main battle tanks; $260 million from the U.S. Navy to provide maintenance and repair services for an Arleigh Burke-class guided-missile destroyer and a Wasp-class amphibious assault ship; $235 million from the Army to provide spare parts, inventory management and support services for the Stryker wheeled combat vehicle program; $230 million to produce Piranha armored combat vehicles for Switzerland; and $260 million for several key classified contracts.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $38.5 billion in revenue in 2021. More information is available at www.gd.com.
Certain statements in this press release, including any statements about the company's future operational and financial performance, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2022 financial results conference call at 9 a.m. EDT on Wednesday, April 27, 2022. The webcast will be a listen-only audio event available at
www.gd.com
. An on-demand replay of the webcast will be available by telephone one hour after the end of the call and end on May 4, 2022, at 866-813-9403 (international: +44 204-525-0658); passcode 488214. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at
www.gd.com
.
|
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
|
Three Months Ended
|
Variance
|
|
|
April 3, 2022
|
|
April 4, 2021
|
|
$
|
|
%
|
|
Revenue
|
|
$
|
9,392
|
|
|
$
|
9,389
|
|
|
$
|
3
|
|
|
—
|
%
|
|
Operating costs and expenses
|
|
(8,484)
|
|
|
(8,451)
|
|
|
(33)
|
|
|
|
|
Operating earnings
|
|
908
|
|
|
938
|
|
|
(30)
|
|
|
(3.2)
|
%
|
|
Other, net
|
|
39
|
|
|
30
|
|
|
9
|
|
|
|
|
Interest, net
|
|
(98)
|
|
|
(123)
|
|
|
25
|
|
|
|
|
Earnings before income tax
|
|
849
|
|
|
845
|
|
|
4
|
|
|
0.5
|
%
|
|
Provision for income tax, net
|
|
(119)
|
|
|
(137)
|
|
|
18
|
|
|
|
|
Net earnings
|
|
$
|
730
|
|
|
$
|
708
|
|
|
$
|
22
|
|
|
3.1
|
%
|
|
Earnings per share—basic
|
|
$
|
2.63
|
|
|
$
|
2.49
|
|
|
$
|
0.14
|
|
|
5.6
|
%
|
|
Basic weighted average shares outstanding
|
|
277.1
|
|
|
284.1
|
|
|
|
|
|
|
Earnings per share—diluted
|
|
$
|
2.61
|
|
|
$
|
2.48
|
|
|
$
|
0.13
|
|
|
5.2
|
%
|
|
Diluted weighted average shares outstanding
|
|
279.9
|
|
|
285.2
|
|
|
|
|
|
|
EXHIBIT B
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Three Months Ended
|
|
Variance
|
|
April 3, 2022
|
|
April 4, 2021
|
|
$
|
|
%
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
1,903
|
|
|
$
|
1,887
|
|
|
$
|
16
|
|
|
0.8
|
%
|
|
Marine Systems
|
2,651
|
|
|
2,483
|
|
|
168
|
|
|
6.8
|
%
|
|
Combat Systems
|
1,675
|
|
|
1,820
|
|
|
(145)
|
|
|
(8.0)
|
%
|
|
Technologies
|
3,163
|
|
|
3,199
|
|
|
(36)
|
|
|
(1.1)
|
%
|
|
Total
|
$
|
9,392
|
|
|
$
|
9,389
|
|
|
$
|
3
|
|
|
—
|
%
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
243
|
|
|
$
|
220
|
|
|
$
|
23
|
|
|
10.5
|
%
|
|
Marine Systems
|
211
|
|
|
200
|
|
|
11
|
|
|
5.5
|
%
|
|
Combat Systems
|
227
|
|
|
244
|
|
|
(17)
|
|
|
(7.0)
|
%
|
|
Technologies
|
298
|
|
|
306
|
|
|
(8)
|
|
|
(2.6)
|
%
|
|
Corporate
|
(71)
|
|
|
(32)
|
|
|
(39)
|
|
|
(121.9)
|
%
|
|
Total
|
$
|
908
|
|
|
$
|
938
|
|
|
$
|
(30)
|
|
|
(3.2)
|
%
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
Aerospace
|
12.8
|
%
|
|
11.7
|
%
|
|
|
|
|
|
Marine Systems
|
8.0
|
%
|
|
8.1
|
%
|
|
|
|
|
|
Combat Systems
|
13.6
|
%
|
|
13.4
|
%
|
|
|
|
|
|
Technologies
|
9.4
|
%
|
|
9.6
|
%
|
|
|
|
|
|
Total
|
9.7
|
%
|
|
10.0
|
%
|
|
|
|
|
|
EXHIBIT C
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
April 3, 2022
|
|
December 31, 2021
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and equivalents
|
|
|
$
|
2,907
|
|
|
$
|
1,603
|
|
|
Accounts receivable
|
|
|
3,015
|
|
|
3,041
|
|
|
Unbilled receivables
|
|
|
7,888
|
|
|
8,498
|
|
|
Inventories
|
|
|
5,548
|
|
|
5,340
|
|
|
Other current assets
|
|
|
1,436
|
|
|
1,505
|
|
|
Total current assets
|
|
|
20,794
|
|
|
19,987
|
|
|
Noncurrent assets:
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
5,450
|
|
|
5,417
|
|
|
Intangible assets, net
|
|
|
1,926
|
|
|
1,978
|
|
|
Goodwill
|
|
|
20,114
|
|
|
20,098
|
|
|
Other assets
|
|
|
2,592
|
|
|
2,593
|
|
|
Total noncurrent assets
|
|
|
30,082
|
|
|
30,086
|
|
|
Total assets
|
|
|
$
|
50,876
|
|
|
$
|
50,073
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term debt and current portion of long-term debt
|
|
|
$
|
1,005
|
|
|
$
|
1,005
|
|
|
Accounts payable
|
|
|
3,190
|
|
|
3,167
|
|
|
Customer advances and deposits
|
|
|
6,363
|
|
|
6,266
|
|
|
Other current liabilities
|
|
|
3,478
|
|
|
3,540
|
|
|
Total current liabilities
|
|
|
14,036
|
|
|
13,978
|
|
|
Noncurrent liabilities:
|
|
|
|
|
|
|
Long-term debt
|
|
|
10,491
|
|
|
10,490
|
|
|
Other liabilities
|
|
|
8,335
|
|
|
7,964
|
|
|
Total noncurrent liabilities
|
|
|
18,826
|
|
|
18,454
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Common stock
|
|
|
482
|
|
|
482
|
|
|
Surplus
|
|
|
3,434
|
|
|
3,278
|
|
|
Retained earnings
|
|
|
35,800
|
|
|
35,420
|
|
|
Treasury stock
|
|
|
(19,837)
|
|
|
(19,619)
|
|
|
Accumulated other comprehensive loss
|
|
|
(1,865)
|
|
|
(1,920)
|
|
|
Total shareholders' equity
|
|
|
18,014
|
|
|
17,641
|
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
50,876
|
|
|
$
|
50,073
|
|
|
EXHIBIT D
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Three Months Ended
|
|
April 3, 2022
|
|
April 4, 2021
|
|
Cash flows from operating activities—continuing operations:
|
|
|
|
|
Net earnings
|
$
|
730
|
|
|
$
|
708
|
|
|
Adjustments to reconcile net earnings to net cash from operating activities:
|
|
|
|
|
Depreciation of property, plant and equipment
|
139
|
|
|
136
|
|
|
Amortization of intangible and finance lease right-of-use assets
|
74
|
|
|
79
|
|
|
Equity-based compensation expense
|
96
|
|
|
40
|
|
|
Deferred income tax benefit
|
(106)
|
|
|
(19)
|
|
|
(Increase) decrease in assets, net of effects of business acquisitions:
|
|
|
|
|
Accounts receivable
|
26
|
|
|
(30)
|
|
|
Unbilled receivables
|
617
|
|
|
52
|
|
|
Inventories
|
(234)
|
|
|
57
|
|
|
Increase (decrease) in liabilities, net of effects of business acquisitions:
|
|
|
|
|
Accounts payable
|
23
|
|
|
(216)
|
|
|
Customer advances and deposits
|
675
|
|
|
(544)
|
|
|
Other, net
|
(72)
|
|
|
(260)
|
|
|
Net cash provided by operating activities
|
1,968
|
|
|
3
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Capital expenditures
|
(141)
|
|
|
(134)
|
|
|
Other, net
|
(6)
|
|
|
3
|
|
|
Net cash used by investing activities
|
(147)
|
|
|
(131)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Dividends paid
|
(330)
|
|
|
(315)
|
|
|
Purchases of common stock
|
(294)
|
|
|
(759)
|
|
|
Other, net
|
107
|
|
|
201
|
|
|
Net cash used by financing activities
|
(517)
|
|
|
(873)
|
|
|
Net cash used by discontinued operations
|
—
|
|
|
(12)
|
|
|
Net increase (decrease) in cash and equivalents
|
1,304
|
|
|
(1,013)
|
|
|
Cash and equivalents at beginning of period
|
1,603
|
|
|
2,824
|
|
|
Cash and equivalents at end of period
|
$
|
2,907
|
|
|
$
|
1,811
|
|
|
EXHIBIT E
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022
|
|
December 31, 2021
|
|
Debt-to-equity (a)
|
|
|
|
|
63.8
|
%
|
|
65.2
|
%
|
|
Book value per share (b)
|
|
|
|
|
$
|
64.87
|
|
|
$
|
63.54
|
|
|
Shares outstanding
|
|
|
|
|
277,705,115
|
|
|
277,620,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Income tax payments, net
|
|
|
|
|
$
|
15
|
|
|
$
|
33
|
|
|
Company-sponsored research and development (c)
|
|
|
|
|
$
|
107
|
|
|
$
|
90
|
|
|
Return on sales (d)
|
|
|
|
|
7.8
|
%
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Free cash flow:
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
$
|
1,968
|
|
|
$
|
3
|
|
|
Capital expenditures
|
|
|
|
|
(141)
|
|
|
(134)
|
|
|
Free cash flow (e)
|
|
|
|
|
$
|
1,827
|
|
|
$
|
(131)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022
|
|
December 31, 2021
|
|
Net debt:
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
$
|
11,496
|
|
|
$
|
11,495
|
|
|
Less cash and equivalents
|
|
|
|
|
2,907
|
|
|
1,603
|
|
|
Net debt
(f)
|
|
|
|
|
$
|
8,589
|
|
|
$
|
9,892
|
|
|
|
|
(a)
|
Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.
|
|
|
|
(b)
|
Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.
|
|
|
|
(c)
|
Includes independent research and development and Aerospace product-development costs.
|
|
|
|
(d)
|
Return on sales is calculated as net earnings divided by revenue.
|
|
|
|
(e)
|
We define free cash flow as net cash provided by operating activities less capital expenditures. We believe free cash
flow is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes
such as repaying debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use
free cash flow to assess the quality of our earnings and as a key performance measure in evaluating management.
|
|
|
|
(f)
|
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful
measure for investors because it reflects the borrowings that support our operations and capital deployment strategy.
We use net debt as an important indicator of liquidity and financial position.
|
|
EXHIBIT F
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
Funded
|
|
Unfunded
|
|
Total
Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total
Estimated
Contract Value
|
|
First Quarter 2022:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
17,114
|
|
|
$
|
501
|
|
|
$
|
17,615
|
|
|
$
|
1,829
|
|
|
$
|
19,444
|
|
|
Marine Systems
|
|
27,656
|
|
|
15,258
|
|
|
42,914
|
|
|
4,316
|
|
|
47,230
|
|
|
Combat Systems
|
|
12,760
|
|
|
299
|
|
|
13,059
|
|
|
6,298
|
|
|
19,357
|
|
|
Technologies
|
|
9,067
|
|
|
4,579
|
|
|
13,646
|
|
|
29,347
|
|
|
42,993
|
|
|
Total
|
|
$
|
66,597
|
|
|
$
|
20,637
|
|
|
$
|
87,234
|
|
|
$
|
41,790
|
|
|
$
|
129,024
|
|
|
Fourth Quarter 2021:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
15,878
|
|
|
$
|
415
|
|
|
$
|
16,293
|
|
|
$
|
1,657
|
|
|
$
|
17,950
|
|
|
Marine Systems
|
|
23,678
|
|
|
21,177
|
|
|
44,855
|
|
|
4,271
|
|
|
49,126
|
|
|
Combat Systems
|
|
12,584
|
|
|
509
|
|
|
13,093
|
|
|
6,936
|
|
|
20,029
|
|
|
Technologies
|
|
9,005
|
|
|
4,348
|
|
|
13,353
|
|
|
26,997
|
|
|
40,350
|
|
|
Total
|
|
$
|
61,145
|
|
|
$
|
26,449
|
|
|
$
|
87,594
|
|
|
$
|
39,861
|
|
|
$
|
127,455
|
|
|
First Quarter 2021:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
11,545
|
|
|
$
|
384
|
|
|
$
|
11,929
|
|
|
$
|
2,312
|
|
|
$
|
14,241
|
|
|
Marine Systems
|
|
27,676
|
|
|
22,075
|
|
|
49,751
|
|
|
2,815
|
|
|
52,566
|
|
|
Combat Systems
|
|
14,085
|
|
|
143
|
|
|
14,228
|
|
|
9,120
|
|
|
23,348
|
|
|
Technologies
|
|
10,003
|
|
|
3,670
|
|
|
13,673
|
|
|
27,530
|
|
|
41,203
|
|
|
Total
|
|
$
|
63,309
|
|
|
$
|
26,272
|
|
|
$
|
89,581
|
|
|
$
|
41,777
|
|
|
$
|
131,358
|
|
|
|
|
*
|
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts
and unexercised options associated with existing firm contracts, including options and other agreements with existing customers
to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and
establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in
our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our
estimate of potential contract value.
|
|
EXHIBIT F-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
|
https://mma.prnewswire.com/media/1804988/Exhibit_F_1.jpg
|
EXHIBIT F-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
https://mma.prnewswire.com/media/1804990/Aerospace_Backlog.jpg
https://mma.prnewswire.com/media/1804991/Marine_Systems_Backlog.jpg
https://mma.prnewswire.com/media/1804992/Combat_Systems_Backlog.jpg
https://mma.prnewswire.com/media/1804993/Technologies_Backlog.jpg
https://mma.prnewswire.com/media/1804994/Backlog_Key.jpg
|
EXHIBIT G
FIRST QUARTER 2022 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS
|
We received the following significant contract awards during the first quarter of 2022:
Marine Systems:
- $260 from the U.S. Navy to provide maintenance and repair services for an Arleigh Burke-class (DDG-51) guided-missile destroyer and a Wasp-class amphibious assault ship.
- $130 from the Navy for maintenance and modernization work on the USS Hartford, a Los Angeles-class submarine.
- $95 from the Navy for advanced nuclear plant studies (ANPS) in support of the Columbia-class submarine program.
- $75 from the Navy for changes in scope associated with DDG-51 contracts.
Combat Systems:
- $340 from the U.S. Army to produce Stryker maneuver short-range air defense (M-SHORAD) vehicles.
- $325 from the Army to upgrade Abrams battle tanks to the system enhancement package version 3 (SEPv3) configuration.
- $235 from the Army to provide spare parts and inventory management and support services for the Stryker wheeled combat vehicle program.
- $230 to produce Piranha armored combat vehicles for Switzerland.
- $45 to provide laser range finders and repair and management support services for Canadian light armored vehicle (LAV) programs.
Technologies:
- An indefinite delivery, indefinite quantity (IDIQ) contract from the National Geospatial-Intelligence Agency (NGA) to provide hybrid cloud services and information technology (IT) design, engineering, and operations and sustainment services. The contract has a maximum potential value of $4.5 billion over 10 years.
- $80 from the Environmental Protection Agency (EPA) for managed application, information, networking, enterprise and security services. The contract has a maximum potential value of $660.
- $260 for several key classified contracts.
- $190 from the U.S. Air Force for the Battlefield Information Collection and Exploitation System (BICES) program to provide intelligence information sharing capabilities and engineering services.
- $40 from the Defense Information Systems Agency (DISA) for an Identity, Credential and Access Management (ICAM) solution to provide secure identity, access and account management for Department of Defense (DoD) applications. The contract has a maximum potential value of $160.
- $130 to provide flight simulation services for the Army.
- $15 from the U.S. Department of Education to develop the Award Eligibility Determination system. The contract has a maximum potential value of $120.
- $110 to manufacture and deliver hardware in support of the SPY-6 radar program.
- $90 from the Army for computing and communications equipment under the Common Hardware Systems-5 (CHS-5) program.
- $85 from the Army to provide continued software support and engineering for the Warfighter Information Network-Tactical (WIN-T) Increment 2 program.
- $85 from the North Carolina Department of Health and Human Services in support of the Medicaid Management Information System.
|
EXHIBIT H
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
|
|
|
|
First Quarter
|
|
|
|
|
|
2022
|
|
2021
|
|
Gulfstream Aircraft Deliveries (units):
|
|
|
|
|
|
|
|
|
Large-cabin aircraft
|
|
|
|
|
21
|
|
|
25
|
|
|
Mid-cabin aircraft
|
|
|
|
|
4
|
|
|
3
|
|
|
Total
|
|
|
|
|
25
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
Aerospace Book-to-Bill:
|
|
|
|
|
|
|
|
|
Orders*
|
|
|
|
|
$
|
3,243
|
|
|
$
|
2,457
|
|
|
Revenue
|
|
|
|
|
1,903
|
|
|
1,887
|
|
|
Book-to-Bill Ratio
|
|
|
|
|
1.70x
|
|
1.30x
|
|
|
* Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-first-quarter-2022-financial-results-301533745.html
SOURCE General Dynamics