General Dynamics' (GD) Q4 Earnings Beat Estimates, Sales Lag

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General Dynamics Corporation GD reported fourth-quarter 2021 earnings from continuing operations of $3.39 per share, which beat the Zacks Consensus Estimate of $3.37 by 0.6%. Quarterly earnings declined 2.9% from $3.49 per share in the year-ago quarter.

General Dynamics’ 2021 earnings were $11.55 per share, up 5% year over year due to strong performance of defense segments.

General Dynamics Corporation price-consensus-eps-surprise-chart, General Dynamics Corporation Quote, Click to get this free report, Zacks Investment Research
– Zacks

Total Revenues

General Dynamics’ fourth-quarter revenues of $10,292 million missed the Zacks Consensus Estimate of $10,701 million by 3.8%. Revenues also declined 1.8% from $10,481 million in the year-ago quarter.

General Dynamics Corporation Price, Consensus and EPS Surprise

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General Dynamics Corporation price-consensus-eps-surprise-chart, General Dynamics Corporation Quote, Click to get this free report, Zacks Investment Research

General Dynamics Corporation price-consensus-eps-surprise-chart | General Dynamics Corporation Quote

Segmental Performance

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Aerospace: The segment reported revenues of $2,560 million, up 5.1% year over year. Yet, operating earnings of $354 million deteriorated 11.7% from the prior-year quarter’s $401 million.

Marine Systems: Segment revenues rose 0.5% from the prior-year quarter to $2,870 million. Yet, operating earnings were down 4.9% from the year-ago quarter to $235 million.

Technologies: The segment reported revenues of $2,975 million, which decreased 7.9% year over year. Operating earnings of $334 million dropped 5.1% from the prior-year quarter’s $352 million.

Combat Systems: The segment’s revenues of $1,887 million were down 3.7% from the year-ago quarter’s $1,960 million. Operating earnings also declined 9.1% year over year to $281 million.

Operational Highlights

For the reported quarter, General Dynamics’ operating margin declined 80 basis points (bps) from the year-ago reported figure to 11.5%.

For the quarter under review, General Dynamics’ operating costs and expenses decreased 0.9% from the year-ago period to $9,106 million.

Interest expenses for the reported quarter declined 22.5% year over year to $93 million.

Backlog

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General Dynamics recorded a total backlog of $87.6 billion, down 2.1% year over year. The funded backlog at fourth quarter-end was $61.1 billion.

Financial Condition

As of Dec 31, 2021, General Dynamics’ cash and cash equivalents were $1,603 million compared with $2,824 million in the corresponding period of 2020.

Long-term debt as of Dec 31, 2021 was $10,490 million, which escalated from the 2020-end level of $9,995 million.

In 2021, the company generated cash from operating activities of $4,271 million compared with $3,858 million generated in the year-ago period.

Zacks Rank

General Dynamics currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Defense Releases

Raytheon Technologies Corporation’s RTX fourth-quarter 2021 adjusted earnings per share of $1.08 outpaced the Zacks Consensus Estimate of $1.01 by 6.9%.

Raytheon Technologies’ long-term (three to five years) earnings growth is projected at 13.2%. The Zacks Consensus Estimate for RTX’s 2022 earnings per share indicates year-over-year growth of 14.5%.

Lockheed Martin Corporation LMT reported fourth-quarter 2021 adjusted earnings of $7.24 per share, which surpassed the Zacks Consensus Estimate of $7.23 by 0.1%.

Lockheed Martin’s long-term earnings growth is projected at 3.6%. The Zacks Consensus Estimate for LMT’s 2022 earnings per share indicates year-over-year growth of 16.3%.

The Boeing Company BA reported fourth-quarter 2021 loss of $7.69 per share, narrower than the Zacks Consensus Estimate of a loss of 9 cents.

Boeing’s long-term earnings growth is projected at 4%. The Zacks Consensus Estimate for BA’s 2022 earnings per share indicates year-over-year growth of 352.7%.


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