General Dynamics Q3 2024: $31.5B Revenue

TL;DR

GD hit $31.5B revenue YTD through Q3 2024. Defense giant still chugging along.

AI Summary

General Dynamics Corp. reported its Q3 2024 results, with total revenue for the nine months ending September 29, 2024, reaching $31.5 billion. The company's fiscal year ends on December 31st, and this filing covers the period up to September 29, 2024. Key financial data and business segments, including products and services, are detailed within the report.

Why It Matters

This 10-Q filing provides investors with a detailed look at General Dynamics' financial performance for the first nine months of 2024, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a large, established company.

Key Numbers

• $31.5B — Revenue (9 months ended 2024-09-29) (Represents the total sales generated by General Dynamics for the majority of the fiscal year.)
• 2024-09-29 — Reporting Period End Date (Indicates the end of the fiscal quarter and year-to-date period covered by this filing.)
• 2024-10-23 — Filing Date (The date on which the company officially submitted this report to the SEC.)

Key Players & Entities

• GENERAL DYNAMICS CORP (company) — Filer
• 0000040533 (company) — Central Index Key
• 20240929 (date) — Period of Report
• 20241023 (date) — Filing Date
• $31.5 billion (dollar_amount) — Total Revenue for nine months ending 2024-09-29

FAQ

Key Financial Figures

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

Filing Documents

• gd-20240929.htm (10-Q) — 1474KB
• ex311-20240929.htm (EX-31.1) — 10KB
• ex312-20240929.htm (EX-31.2) — 10KB
• ex321-20240929.htm (EX-32.1) — 5KB
• ex322-20240929.htm (EX-32.2) — 5KB
• gd-20240929_g1.gif (GRAPHIC) — 3KB
• 0000040533-24-000043.txt ( ) — 7466KB
• gd-20240929.xsd (EX-101.SCH) — 46KB
• gd-20240929_cal.xml (EX-101.CAL) — 68KB
• gd-20240929_def.xml (EX-101.DEF) — 162KB
• gd-20240929_lab.xml (EX-101.LAB) — 524KB
• gd-20240929_pre.xml (EX-101.PRE) — 354KB
• gd-20240929_htm.xml (XML) — 1472KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION PAGE

- Unaudited Consolidated Financial Statements

Item 1 - Unaudited Consolidated Financial Statements Consolidated Statement of Earnings (Three Months) 3 Consolidated Statement of Earnings ( Nine Months) 4 Consolidated Statement of Comprehensive Income (Three and Nine Months) 5 Consolidated Balance Sheet 6 Consolidated Statement of Cash Flows 7 Consolidated Statement of Shareholders ' Equity (Three and Nine Months) 8 Notes to Unaudited Consolidated Financial Statements 9

- 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 28

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 43

- Controls and Procedures

Item 4 - Controls and Procedures 43

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 43

- OTHER INFORMATION

PART II - OTHER INFORMATION 45

- Legal Proceedings

Item 1 - Legal Proceedings 45

- Risk Factors

Item 1A - Risk Factors 45

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 45

- Other Information

Item 5 - Other Information 45

- Exhibits

Item 6 - Exhibits 46

– 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) September 29, 2024 October 1, 2023 Revenue: Products $ 6,767 $ 6,163 Services 4,904 4,408 11,671 10,571 Operating costs and expenses: Products ( 5,760 ) ( 5,148 ) Services ( 4,095 ) ( 3,765 ) General and administrative (G&A) ( 635 ) ( 601 ) ( 10,490 ) ( 9,514 ) Operating earnings 1,181 1,057 Other, net 15 19 Interest, net ( 82 ) ( 85 ) Earnings before income tax 1,114 991 Provision for income tax, net ( 184 ) ( 155 ) Net earnings $ 930 $ 836 Earnings per share Basic $ 3.39 $ 3.07 Diluted $ 3.35 $ 3.04 The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements. 3 CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED) Nine Months Ended (Dollars in millions, except per-share amounts) September 29, 2024 October 1, 2023 Revenue: Products $ 20,061 $ 17,473 Services 14,317 13,131 34,378 30,604 Operating costs and expenses: Products ( 17,074 ) ( 14,704 ) Services ( 12,025 ) ( 11,151 ) G&A ( 1,906 ) ( 1,792 ) ( 31,005 ) ( 27,647 ) Operating earnings 3,373 2,957 Other, net 47 65 Interest, net ( 248 ) ( 265 ) Earnings before income tax 3,172 2,757 Provision for income tax, net ( 538 ) ( 447 ) Net earnings $ 2,634 $ 2,310 Earnings per share Basic $ 9.61 $ 8.45 Diluted $ 9.49 $ 8.39 The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements. 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended Nine Months Ended (Dollars in millions) September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Net earnings $ 930 $ 836 $ 2,634 $ 2,310 Changes in unrealized cash flow hedges 31 ( 14 ) ( 31 ) ( 33 ) Foreign currency translation adjustments 279 ( 128 ) ( 16 ) 63 Changes in retirement plans' funded status 44 169

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View this 10-Q filing on SEC EDGAR