|
General Dynamics Reports Second-Quarter 2015 Results
FALLS CHURCH, Va., July 29, 2015 /PRNewswire/ --
- Compared to second-quarter 2014:
- Revenue up 5.5% to $7.9 billion
- Operating earnings up 13.9% to $1.08 billion; margins increased to 13.7%
- Earnings from continuing operations up 16.4% to $752 million
- Earnings per fully diluted share up 20.7% to $2.27
- Company increases full-year guidance
General Dynamics (NYSE: GD) today reported second-quarter 2015 earnings from continuing operations of $752 million, a 16.4 percent increase over second-quarter 2014, on revenue of $7.9 billion. Diluted earnings per share (EPS) were $2.27 per share compared to $1.88 in second-quarter 2014, a 20.7 percent increase.
"General Dynamics' performance was rock solid this quarter, rounding out a strong first half. We continue to have impressive operating leverage with operating earnings at more than $1 billion, up 13.9 percent over the prior year's quarter," said Phebe N. Novakovic, chairman and chief executive officer. "Year to date, our revenue is up 6.3 percent across the business with organic growth in all four segments, including the defense segments."
Margins
Company-wide operating margins for the second quarter of 2015 were 13.7 percent, with margin expansion in three of the company's four business groups compared to the second quarter of 2014.
Cash
Net cash provided by operating activities in the quarter totaled $603 million. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $511 million.
Capital Deployment
The company repurchased 7.5 million of its outstanding shares in the second quarter. Year-to-date, the company has repurchased 12.1 million outstanding shares.
Backlog
General Dynamics' backlog remained steady at the end of second-quarter 2015, with funded backlog at $55.4 billion and total backlog of $70 billion. Aerospace backlog increased by seven percent in the quarter, with strong order activity across the product line. Information Systems and Technology also had several notable orders in the quarter leading to higher backlog. Estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $25.6 billion. Total potential contract value, the sum of all backlog components, was $95.6 billion at the end of the quarter.
Guidance
The company is increasing full-year EPS guidance for continuing operations from $8.05 - $8.10 to $8.70 - $8.80.
General Dynamics, headquartered in Falls Church, Virginia, is a market leader in business aviation; combat vehicles, weapons systems and munitions; shipbuilding; and communications and information technology systems. More information about the company is available at www.generaldynamics.com.
Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which 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, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
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 any 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 second-quarter securities analyst conference call at 9 a.m. EDT on Wednesday, July 29, 2015. The webcast will be a listen-only audio event, available at www.generaldynamics.com. An on-demand replay of the webcast will be available by 1 p.m. on July 29 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 888-286-8010 (international: 617-801-6888); passcode 66737646. The phone replay will be available from 1 p.m. July 29 through August 5, 2015.
|
EXHIBIT A
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
$
|
|
%
|
|
Revenues
|
$
|
7,882
|
|
|
$
|
7,474
|
|
|
$
|
408
|
|
|
5.5
|
%
|
|
Operating costs and expenses
|
6,801
|
|
|
6,525
|
|
|
(276)
|
|
|
|
|
Operating earnings
|
1,081
|
|
|
949
|
|
|
132
|
|
|
13.9
|
%
|
|
Interest, net
|
(20)
|
|
|
(24)
|
|
|
4
|
|
|
|
|
Earnings before income tax
|
1,061
|
|
|
925
|
|
|
$
|
136
|
|
|
14.7
|
%
|
|
Provision for income tax, net
|
309
|
|
|
279
|
|
|
(30)
|
|
|
|
|
Earnings from continuing operations
|
$
|
752
|
|
|
$
|
646
|
|
|
$
|
106
|
|
|
16.4
|
%
|
|
Discontinued operations, net of tax
|
—
|
|
|
(105)
|
|
|
105
|
|
|
|
|
Net earnings
|
$
|
752
|
|
|
$
|
541
|
|
|
211
|
|
|
39.0
|
%
|
|
Earnings per share—basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
2.31
|
|
|
$
|
1.92
|
|
|
$
|
0.39
|
|
|
20.3
|
%
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
(0.31)
|
|
|
$
|
0.31
|
|
|
|
|
Net earnings
|
$
|
2.31
|
|
|
$
|
1.61
|
|
|
$
|
0.70
|
|
|
43.5
|
%
|
|
Basic weighted average shares outstanding
|
326.2
|
|
|
336.7
|
|
|
|
|
|
|
Earnings per share—diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
2.27
|
|
|
$
|
1.88
|
|
|
$
|
0.39
|
|
|
20.7
|
%
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
(0.30)
|
|
|
$
|
0.30
|
|
|
|
|
Net earnings
|
$
|
2.27
|
|
|
$
|
1.58
|
|
|
$
|
0.69
|
|
|
43.7
|
%
|
|
Diluted weighted average shares outstanding
|
331.4
|
|
|
342.8
|
|
|
|
|
|
|
EXHIBIT B
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Variance
|
|
|
2015
|
|
2014
|
|
$
|
|
%
|
|
Revenues
|
|
$
|
15,666
|
|
|
$
|
14,739
|
|
|
$
|
927
|
|
|
6.3
|
%
|
|
Operating costs and expenses
|
|
13,558
|
|
|
12,916
|
|
|
(642)
|
|
|
|
|
Operating earnings
|
|
2,108
|
|
|
1,823
|
|
|
285
|
|
|
15.6
|
%
|
|
Interest, net
|
|
(41)
|
|
|
(46)
|
|
|
5
|
|
|
|
|
Other, net
|
|
3
|
|
|
1
|
|
|
2
|
|
|
|
|
Earnings before income tax
|
|
2,070
|
|
|
1,778
|
|
|
292
|
|
|
16.4
|
%
|
|
Provision for income tax, net
|
|
602
|
|
|
536
|
|
|
(66)
|
|
|
|
|
Earnings from continuing operations
|
|
$
|
1,468
|
|
|
$
|
1,242
|
|
|
$
|
226
|
|
|
18.2
|
%
|
|
Discontinued operations, net of tax
|
|
—
|
|
|
(106)
|
|
|
106
|
|
|
|
|
Net earnings
|
|
$
|
1,468
|
|
|
$
|
1,136
|
|
|
$
|
332
|
|
|
29.2
|
%
|
|
Earnings per share—basic
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
4.48
|
|
|
$
|
3.66
|
|
|
$
|
0.82
|
|
|
22.4
|
%
|
|
Discontinued operations
|
|
$
|
—
|
|
|
$
|
(0.31)
|
|
|
$
|
0.31
|
|
|
|
|
Net earnings
|
|
$
|
4.48
|
|
|
$
|
3.35
|
|
|
$
|
1.13
|
|
|
33.7
|
%
|
|
Basic weighted average shares outstanding
|
|
327.7
|
|
|
339.5
|
|
|
|
|
|
|
Earnings per share—diluted
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
4.41
|
|
|
$
|
3.60
|
|
|
$
|
0.81
|
|
|
22.5
|
%
|
|
Discontinued operations
|
|
$
|
—
|
|
|
$
|
(0.31)
|
|
|
$
|
0.31
|
|
|
|
|
Net earnings
|
|
$
|
4.41
|
|
|
$
|
3.29
|
|
|
$
|
1.12
|
|
|
34.0
|
%
|
|
Diluted weighted average shares outstanding
|
|
333.0
|
|
|
345.4
|
|
|
|
|
|
|
EXHIBIT C
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
$
|
|
%
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
2,258
|
|
|
$
|
1,995
|
|
|
$
|
263
|
|
|
13.2
|
%
|
|
Combat Systems
|
1,408
|
|
|
1,465
|
|
|
(57)
|
|
|
(3.9)
|
%
|
|
Information Systems and Technology
|
2,215
|
|
|
2,163
|
|
|
52
|
|
|
2.4
|
%
|
|
Marine Systems
|
2,001
|
|
|
1,851
|
|
|
150
|
|
|
8.1
|
%
|
|
Total
|
$
|
7,882
|
|
|
$
|
7,474
|
|
|
$
|
408
|
|
|
5.5
|
%
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
439
|
|
|
$
|
384
|
|
|
$
|
55
|
|
|
14.3
|
%
|
|
Combat Systems
|
226
|
|
|
220
|
|
|
6
|
|
|
2.7
|
%
|
|
Information Systems and Technology
|
237
|
|
|
188
|
|
|
49
|
|
|
26.1
|
%
|
|
Marine Systems
|
187
|
|
|
174
|
|
|
13
|
|
|
7.5
|
%
|
|
Corporate
|
(8)
|
|
|
(17)
|
|
|
9
|
|
|
52.9
|
%
|
|
Total
|
$
|
1,081
|
|
|
$
|
949
|
|
|
$
|
132
|
|
|
13.9
|
%
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
Aerospace
|
19.4
|
%
|
|
19.2
|
%
|
|
|
|
|
|
Combat Systems
|
16.1
|
%
|
|
15.0
|
%
|
|
|
|
|
|
Information Systems and Technology
|
10.7
|
%
|
|
8.7
|
%
|
|
|
|
|
|
Marine Systems
|
9.3
|
%
|
|
9.4
|
%
|
|
|
|
|
|
Total
|
13.7
|
%
|
|
12.7
|
%
|
|
|
|
|
|
EXHIBIT D
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Variance
|
|
|
2015
|
|
2014
|
|
$
|
|
%
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
4,366
|
|
|
$
|
4,120
|
|
|
$
|
246
|
|
|
6.0
|
%
|
|
Combat Systems
|
|
2,771
|
|
|
2,723
|
|
|
48
|
|
|
1.8
|
%
|
|
Information Systems and Technology
|
|
4,585
|
|
|
4,444
|
|
|
141
|
|
|
3.2
|
%
|
|
Marine Systems
|
|
3,944
|
|
|
3,452
|
|
|
492
|
|
|
14.3
|
%
|
|
Total
|
|
$
|
15,666
|
|
|
$
|
14,739
|
|
|
$
|
927
|
|
|
6.3
|
%
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
870
|
|
|
$
|
788
|
|
|
$
|
82
|
|
|
10.4
|
%
|
|
Combat Systems
|
|
430
|
|
|
359
|
|
|
71
|
|
|
19.8
|
%
|
|
Information Systems and Technology
|
|
454
|
|
|
371
|
|
|
83
|
|
|
22.4
|
%
|
|
Marine Systems
|
|
375
|
|
|
340
|
|
|
35
|
|
|
10.3
|
%
|
|
Corporate
|
|
(21)
|
|
|
(35)
|
|
|
14
|
|
|
40.0
|
%
|
|
Total
|
|
$
|
2,108
|
|
|
$
|
1,823
|
|
|
$
|
285
|
|
|
15.6
|
%
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
19.9
|
%
|
|
19.1
|
%
|
|
|
|
|
|
Combat Systems
|
|
15.5
|
%
|
|
13.2
|
%
|
|
|
|
|
|
Information Systems and Technology
|
|
9.9
|
%
|
|
8.3
|
%
|
|
|
|
|
|
Marine Systems
|
|
9.5
|
%
|
|
9.8
|
%
|
|
|
|
|
|
Total
|
|
13.5
|
%
|
|
12.4
|
%
|
|
|
|
|
|
EXHIBIT E
CONSOLIDATED BALANCE SHEETS
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
July 5, 2015
|
|
December 31, 2014
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and equivalents
|
$
|
4,032
|
|
|
$
|
4,388
|
|
|
Accounts receivable
|
3,595
|
|
|
4,050
|
|
|
Contracts in process
|
4,273
|
|
|
4,591
|
|
|
Inventories
|
3,359
|
|
|
3,221
|
|
|
Other current assets
|
514
|
|
|
1,157
|
|
|
Total current assets
|
15,773
|
|
|
17,407
|
|
|
Noncurrent assets:
|
|
|
|
|
Property, plant and equipment, net
|
3,329
|
|
|
3,329
|
|
|
Intangible assets, net
|
841
|
|
|
912
|
|
|
Goodwill
|
11,644
|
|
|
11,731
|
|
|
Other assets
|
2,067
|
|
|
1,976
|
|
|
Total noncurrent assets
|
17,881
|
|
|
17,948
|
|
|
Total assets
|
$
|
33,654
|
|
|
$
|
35,355
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term debt and current portion of long-term debt
|
$
|
2
|
|
|
$
|
501
|
|
|
Accounts payable
|
2,275
|
|
|
2,057
|
|
|
Customer advances and deposits
|
6,104
|
|
|
7,335
|
|
|
Other current liabilities
|
4,327
|
|
|
3,858
|
|
|
Total current liabilities
|
12,708
|
|
|
13,751
|
|
|
Noncurrent liabilities:
|
|
|
|
|
Long-term debt
|
3,411
|
|
|
3,410
|
|
|
Other liabilities
|
6,259
|
|
|
6,365
|
|
|
Total noncurrent liabilities
|
9,670
|
|
|
9,775
|
|
|
Shareholders' equity:
|
|
|
|
|
Common stock
|
482
|
|
|
482
|
|
|
Surplus
|
2,657
|
|
|
2,548
|
|
|
Retained earnings
|
22,143
|
|
|
21,127
|
|
|
Treasury stock
|
(10,914)
|
|
|
(9,396)
|
|
|
Accumulated other comprehensive loss
|
(3,092)
|
|
|
(2,932)
|
|
|
Total shareholders' equity
|
11,276
|
|
|
11,829
|
|
|
Total liabilities and shareholders' equity
|
$
|
33,654
|
|
|
$
|
35,355
|
|
|
EXHIBIT F
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
July 5, 2015
|
|
June 29, 2014
|
|
Cash flows from operating activities—continuing operations:
|
|
|
|
|
|
Net earnings
|
|
$
|
1,468
|
|
|
$
|
1,136
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
Depreciation of property, plant and equipment
|
|
184
|
|
|
191
|
|
|
Amortization of intangible assets
|
|
59
|
|
|
61
|
|
|
Equity-based compensation expense
|
|
71
|
|
|
64
|
|
|
Excess tax benefit from stock-based compensation
|
|
(57)
|
|
|
(54)
|
|
|
Deferred income tax provision
|
|
21
|
|
|
64
|
|
|
Discontinued operations, net of tax
|
|
—
|
|
|
106
|
|
|
(Increase) decrease in assets, net of effects of business acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
455
|
|
|
(104)
|
|
|
Contracts in process
|
|
330
|
|
|
(130)
|
|
|
Inventories
|
|
(149)
|
|
|
(278)
|
|
|
Increase (decrease) in liabilities, net of effects of business acquisitions:
|
|
|
|
|
|
Accounts payable
|
|
222
|
|
|
270
|
|
|
Customer advances and deposits
|
|
(1,252)
|
|
|
25
|
|
|
Other, net
|
|
(4)
|
|
|
(57)
|
|
|
Net cash provided by operating activities
|
|
1,348
|
|
|
1,294
|
|
|
Cash flows from investing activities—continuing operations:
|
|
|
|
|
|
Maturities of held-to-maturity securities
|
|
500
|
|
|
—
|
|
|
Proceeds from sales of assets
|
|
259
|
|
|
3
|
|
|
Capital expenditures
|
|
(190)
|
|
|
(162)
|
|
|
Other, net
|
|
(18)
|
|
|
14
|
|
|
Net cash provided (used) by investing activities
|
|
551
|
|
|
(145)
|
|
|
Cash flows from financing activities—continuing operations:
|
|
|
|
|
|
Purchases of common stock
|
|
(1,565)
|
|
|
(2,691)
|
|
|
Repayment of fixed-rate notes
|
|
(500)
|
|
|
—
|
|
|
Dividends paid
|
|
(432)
|
|
|
(411)
|
|
|
Proceeds from stock options exercises
|
|
198
|
|
|
415
|
|
|
Other, net
|
|
60
|
|
|
54
|
|
|
Net cash used by financing activities
|
|
(2,239)
|
|
|
(2,633)
|
|
|
Net cash (used) provided by discontinued operations
|
|
(16)
|
|
|
24
|
|
|
Net decrease in cash and equivalents
|
|
(356)
|
|
|
(1,460)
|
|
|
Cash and equivalents at beginning of period
|
|
4,388
|
|
|
5,301
|
|
|
Cash and equivalents at end of period
|
|
$
|
4,032
|
|
|
$
|
3,841
|
|
|
EXHIBIT G
PRELIMINARY FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
2015
|
|
|
|
Second Quarter
2014
|
|
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
|
Debt-to-equity (a)
|
|
30.3
|
%
|
|
|
|
29.8
|
%
|
|
|
|
Debt-to-capital (b)
|
|
23.2
|
%
|
|
|
|
23.0
|
%
|
|
|
|
Book value per share (c)
|
|
$
|
34.94
|
|
|
|
|
$
|
39.24
|
|
|
|
|
Total taxes paid
|
|
$
|
530
|
|
|
|
|
$
|
214
|
|
|
|
|
Company-sponsored research and development (d)
|
|
$
|
101
|
|
|
|
|
$
|
98
|
|
|
|
|
Shares outstanding
|
|
322,727,167
|
|
|
|
|
334,315,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
Quarter
|
|
Year-to-date
|
|
Quarter
|
|
Year-to-date
|
|
Free cash flow from operations:
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
603
|
|
|
$
|
1,348
|
|
|
$
|
866
|
|
|
$
|
1,294
|
|
|
Capital expenditures
|
|
(92)
|
|
|
(190)
|
|
|
(75)
|
|
|
(162)
|
|
|
Free cash flow from operations (e)
|
|
$
|
511
|
|
|
$
|
1,158
|
|
|
$
|
791
|
|
|
$
|
1,132
|
|
|
(a)
|
Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.
|
|
(b)
|
Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of the end of the period.
|
|
(c)
|
Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.
|
|
(d)
|
Includes independent research and development and Gulfstream product-development costs.
|
|
(e)
|
We believe free cash flow from operations is a measurement that is useful to investors because it portrays our ability to generate cash from our core businesses for such purposes as repaying maturing debt, funding business acquisitions and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.
|
|
EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded
|
|
Unfunded
|
|
Total
Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total Potential
Contract
Value
|
|
Second Quarter 2015
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
13,893
|
|
|
$
|
125
|
|
|
$
|
14,018
|
|
|
$
|
2,474
|
|
|
$
|
16,492
|
|
|
Combat Systems
|
|
18,454
|
|
|
476
|
|
|
18,930
|
|
|
5,199
|
|
|
24,129
|
|
|
Information Systems and Technology
|
|
7,096
|
|
|
2,037
|
|
|
9,133
|
|
|
15,562
|
|
|
24,695
|
|
|
Marine Systems
|
|
15,993
|
|
|
11,952
|
|
|
27,945
|
|
|
2,345
|
|
|
30,290
|
|
|
Total
|
|
$
|
55,436
|
|
|
$
|
14,590
|
|
|
$
|
70,026
|
|
|
$
|
25,580
|
|
|
$
|
95,606
|
|
|
First Quarter 2015
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
12,947
|
|
|
$
|
147
|
|
|
$
|
13,094
|
|
|
$
|
2,699
|
|
|
$
|
15,793
|
|
|
Combat Systems
|
|
18,942
|
|
|
462
|
|
|
19,404
|
|
|
5,459
|
|
|
24,863
|
|
|
Information Systems and Technology
|
|
6,842
|
|
|
1,815
|
|
|
8,657
|
|
|
15,296
|
|
|
23,953
|
|
|
Marine Systems
|
|
17,248
|
|
|
12,138
|
|
|
29,386
|
|
|
2,143
|
|
|
31,529
|
|
|
Total
|
|
$
|
55,979
|
|
|
$
|
14,562
|
|
|
$
|
70,541
|
|
|
$
|
25,597
|
|
|
$
|
96,138
|
|
|
Second Quarter 2014
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
12,556
|
|
|
$
|
172
|
|
|
$
|
12,728
|
|
|
$
|
1,920
|
|
|
$
|
14,648
|
|
|
Combat Systems
|
|
15,363
|
|
|
852
|
|
|
16,215
|
|
|
8,074
|
|
|
24,289
|
|
|
Information Systems and Technology
|
|
7,343
|
|
|
1,602
|
|
|
8,945
|
|
|
16,477
|
|
|
25,422
|
|
|
Marine Systems
|
|
15,458
|
|
|
17,747
|
|
|
33,205
|
|
|
1,938
|
|
|
35,143
|
|
|
Total
|
|
$
|
50,720
|
|
|
$
|
20,373
|
|
|
$
|
71,093
|
|
|
$
|
28,409
|
|
|
$
|
99,502
|
|
|
|
|
*
|
The estimated potential contract value represents management's estimate of our future contract value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options to purchase new aircraft and long-term agreements with fleet customers, as applicable. Because the value in the unfunded IDIQ arrangements is subject to the customer's future exercise of an indeterminate quantity of orders, we recognize these contracts in backlog only when they are funded. Unexercised options are recognized in backlog when the customer exercises the option and establishes a firm order.
|
|
EXHIBIT H-1
BACKLOG AND ESTIMATED CONTRACT VALUE - (UNAUDITED)
DOLLARS IN MILLIONS
|
Photo - http://photos.prnewswire.com/prnh/20150728/247512-INFO
|
EXHIBIT H-2
BACKLOG AND ESTIMATED CONTRACT VALUE BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
Photo - http://photos.prnewswire.com/prnh/20150728/247663-INFO
|
EXHIBIT I
SECOND QUARTER 2015 SIGNIFICANT ORDERS (UNAUDITED)
DOLLARS IN MILLIONS
|
We received the following significant orders during the second quarter of 2015:
Combat Systems
- $125 from the U.S. Army for production of Hydra-70 rockets.
- $50 from the Army for contractor logistics support on the Abrams main battle tank program.
- An IDIQ contract from the Army to demilitarize munitions. The program has a maximum potential value of $225 over five years among two awardees.
Information Systems and Technology
- $350 from the Army to build Warfighter Information Network – Tactical (WIN-T) Increment 2 systems and for engineering and development work under Increment 3 of the program.
- $290 from the Centers for Medicare & Medicaid Services for contact-center services.
- $225 from the U.S. Department of State to provide supply chain management services.
- $190 from the Army for ruggedized computing equipment under the CHS-4 program.
- $105 from the U.S. Navy for the procurement of material to support production of guidance and missile hardware for the D5 Life Extension Program.
Marine Systems
- $155 from the U.S. Navy for design work on the next-generation ballistic missile submarine.
- $85 from the Navy to provide support, materials and facilities to maintain and modernize twelve Littoral Combat Ships (LCS).
- $45 from the Navy for planning efforts in support of maintenance and modernization work on USS Montpelier, a Los Angeles-class attack submarine. The contract has a potential value of $260 if all options are exercised.
|
EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Gulfstream Green Deliveries (units):
|
|
|
|
|
|
|
|
|
|
Large-cabin aircraft
|
|
29
|
|
|
26
|
|
|
56
|
|
|
55
|
|
|
Mid-cabin aircraft
|
|
7
|
|
|
7
|
|
|
14
|
|
|
13
|
|
|
Total
|
|
36
|
|
|
33
|
|
|
70
|
|
|
68
|
|
|
Gulfstream Outfitted Deliveries (units):
|
|
|
|
|
|
|
|
|
|
Large-cabin aircraft
|
|
33
|
|
|
26
|
|
|
58
|
|
|
59
|
|
|
Mid-cabin aircraft
|
|
8
|
|
|
12
|
|
|
15
|
|
|
18
|
|
|
Total
|
|
41
|
|
|
38
|
|
|
73
|
|
|
77
|
|
|
Pre-owned Deliveries (units):
|
|
4
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Logo - http://photos.prnewswire.com/prnh/20140428/81320
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/general-dynamics-reports-second-quarter-2015-results-300120110.html
SOURCE General Dynamics
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