General Dynamics Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>General Dynamics Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

GENERAL DYNAMICS CORP (GD) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. General Dynamics Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 11011 Sunset Hills Rd, Reston, VA 20190. The company's IRS number is 131673581. General Dynamics Corp. is incorporated in Delaware and has a fiscal year end of December 31.

Why It Matters

For investors and stakeholders tracking GENERAL DYNAMICS CORP, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. As a major defense contractor, the 10-Q filing is crucial for understanding GD's ongoing contracts and business segments, particularly in aerospace and shipbuilding.

Risk Assessment

Risk Level: medium — GENERAL DYNAMICS CORP shows moderate risk based on this filing. The company operates in the defense industry, which is subject to significant government spending fluctuations and regulatory changes, impacting revenue and profitability.

Analyst Insight

Monitor future filings for detailed segment performance and any changes in government contracts, which are key drivers for General Dynamics.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-24 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 0000040533 — Central Index Key (CENTRAL INDEX KEY)

Key Players & Entities

• GENERAL DYNAMICS CORP (company) — FILER
• 11011 SUNSET HILLS RD (location) — BUSINESS ADDRESS
• RESTON (location) — BUSINESS ADDRESS CITY
• VA (location) — BUSINESS ADDRESS STATE
• 20190 (location) — BUSINESS ADDRESS ZIP
• 131673581 (organization_id) — IRS NUMBER
• DE (location) — STATE OF INCORPORATION
• 20240331 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

General Dynamics operates in the aerospace and defense industry, a sector characterized by long-term government contracts and significant technological development.

Regulatory Implications

The company is subject to regulations governing defense procurement, export controls, and cybersecurity, common for major defense contractors.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment revenues and profitability for Aerospace and Marine Systems.
3. Track any disclosures related to major contracts or government programs.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Key Financial Figures

• $1 — hares of the registrant's common stock, $1 par value per share, were outstanding o

Filing Documents

• gd-20240331.htm (10-Q) — 1098KB
• ex101-20240331.htm (EX-10.1) — 41KB
• ex102-20240331.htm (EX-10.2) — 39KB
• ex103-20240331.htm (EX-10.3) — 54KB
• ex311-20240331.htm (EX-31.1) — 10KB
• ex312-20240331.htm (EX-31.2) — 10KB
• ex321-20240331.htm (EX-32.1) — 5KB
• ex322-20240331.htm (EX-32.2) — 5KB
• gd-20240331_g1.gif (GRAPHIC) — 3KB
• 0000040533-24-000014.txt (&nbsp;) — 6626KB
• gd-20240331.xsd (EX-101.SCH) — 46KB
• gd-20240331_cal.xml (EX-101.CAL) — 66KB
• gd-20240331_def.xml (EX-101.DEF) — 162KB
• gd-20240331_lab.xml (EX-101.LAB) — 522KB
• gd-20240331_pre.xml (EX-101.PRE) — 352KB
• gd-20240331_htm.xml (XML) — 1109KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION PAGE

- Unaudited Consolidated Financial Statements

Item 1 - Unaudited Consolidated Financial Statements Consolidated Statement of Earnings 3 Consolidated Statement of Comprehensive Income 4 Consolidated Balance Sheet 5 Consolidated Statement of Cash Flows 6 Consolidated Statement of Shareholders ' Equity 7 Notes to Unaudited Consolidated Financial Statements 8

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 25

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 38

- Controls and Procedures

Item 4 - Controls and Procedures 38

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 38

- OTHER INFORMATION

PART II - OTHER INFORMATION 40

- Legal Proceedings

Item 1 - Legal Proceedings 40

- Risk Factors

Item 1A - Risk Factors 40

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 40

- Other Information

Item 5 - Other Information 40

- Exhibits

Item 6 - Exhibits 41

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED) Three Months Ended (Dollars in millions, except per-share amounts) March 31, 2024 April 2, 2023 Revenue: Products $ 6,134 $ 5,513 Services 4,597 4,368 10,731 9,881 Operating costs and expenses: Products ( 5,189 ) ( 4,641 ) Services ( 3,879 ) ( 3,716 ) General and administrative (G&A) ( 627 ) ( 586 ) ( 9,695 ) ( 8,943 ) Operating earnings 1,036 938 Other, net 14 33 Interest, net ( 82 ) ( 91 ) Earnings before income tax 968 880 Provision for income tax, net ( 169 ) ( 150 ) Net earnings $ 799 $ 730 Earnings per share Basic $ 2.92 $ 2.66 Diluted $ 2.88 $ 2.64 The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements. 3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended (Dollars in millions) March 31, 2024 April 2, 2023 Net earnings $ 799 $ 730 Changes in unrealized cash flow hedges ( 42 ) ( 7 ) Foreign currency translation adjustments ( 298 ) 91 Changes in retirement plans' funded status 40 173 Other comprehensive (loss) income, pretax ( 300 ) 257 Benefit (provision) for income tax, net 3 ( 35 ) Other comprehensive (loss) income, net of tax ( 297 ) 222 Comprehensive income $ 502 $ 952 The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements. 4 CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in millions) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and equivalents $ 1,036 $ 1,913 Accounts receivable 3,119 3,004 Unbilled receivables 8,523 7,997 Inventories 9,589 8,578 Other current assets 1,929 2,123 Total current assets 24,196 23,615 Noncurrent assets: Property, plant and equipment, net 6,192 6,198 Intangible assets, net 1,594 1,656 Goodwill 20,458 20,586 Other assets 2,806 2,755 Total noncurrent assets 31,050 31,195 Total assets $ 55,246 $ 54

View Full Filing

View this 10-Q filing on SEC EDGAR