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News

General Dynamics Reports 16.3 Percent Growth


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General Dynamics
: 24 January, 2006  (New Product)
General Dynamics Reports 16.3 Percent Growth of Earnings from Continuing Operations in Fourth Quarter 2006; Revenues Increase 13 Percent
- Full-year 2006 earnings from continuing operations increase 18.1 percent, revenues rise 14.7 percent

FALLS CHURCH, Va. - General Dynamics (NYSE: GD) today reported financial results for the fourth quarter and full year of 2006, which ended December 31. (All per-share data reported below has been adjusted to reflect a two-for-one stock split that occurred March 24, 2006.)

Fourth-Quarter Results

General Dynamics' earnings from continuing operations in the fourth quarter of 2006 were $463 million, or $1.13 per share on a fully diluted basis, an increase of 16.3 percent compared to 2005 fourth-quarter earnings from continuing operations of $398 million, or $0.98 per share fully diluted. Revenue for the fourth quarter of 2006 was $6.5 billion, compared to fourth-quarter 2005 revenue of $5.8 billion.

Full-year 2006 Results

Earnings from continuing operations for 2006 grew by 18.1 percent to $1.71 billion, or $4.20 per share on a fully diluted basis, compared with earnings of $1.45 billion, or $3.58 fully diluted, in 2005. Revenue for the full year of 2006 was $24.1 billion, compared with $21 billion for 2005, an increase of 14.7 percent.

Cash

Net cash provided by operating activities from continuing operations totaled $824 million in the quarter and $2.16 billion for the year. Free cash flow from operations, defined as net cash provided by operating activities from continuing operations less capital expenditures, was $687 million in the quarter and $1.82 billion for the year.

Backlog

The company's funded backlog grew by approximately $1 billion in the fourth quarter of 2006, to $32.7 billion; it increased $4.5 billion compared to year-end 2005. Total backlog at year-end 2006 was $43.7 billion.

Margins

Company-wide operating margins for the full year increased by 50 basis points over 2005, to 10.9 percent. Operating margins for the fourth quarter increased to 10.8 percent from 10.6 percent for fourth-quarter 2005.

Net Earnings

General Dynamics' net earnings for the fourth quarter of 2006 were $408 million, including charges in discontinued operations related to the anticipated sale of the company's coal mining operations, compared to fourth-quarter 2005 net earnings of $406 million. Net earnings for the full year, including a gain in discontinued operations from the sale of the company's aggregates business, were $1.86 billion in 2006, compared to $1.46 billion in 2005.

'General Dynamics generated solid returns in the fourth quarter of 2006, capping another very strong year,' said General Dynamics Chairman and Chief Executive Officer Nicholas D. Chabraja. 'Revenue and earnings grew substantially over the fourth quarter of 2005, and full-year earnings per share from continuing operations grew by 17.3 percent over last year, on a revenue increase of 14.7 percent. Free cash flow from operations in the year of over $1.8 billion once again represents a very efficient conversion of net earnings into cash, a ratio of 107 percent.'

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 81,000 people worldwide. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information about the company is available on the Internet at www.generaldynamics.com.
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