We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
General Dynamics (GD) Q1 Earnings Top, Revenues Flat Y/Y
Read MoreHide Full Article
General Dynamics Corporation (GD - Free Report) reported first-quarter 2022 earnings per share (EPS) of $2.61, which beat the Zacks Consensus Estimate of $2.49 by 4.8%. Quarterly earnings soared 5.2% from $2.48 per share in the year-ago quarter.
Total Revenues
General Dynamics’ first-quarter revenues of $9,392 million surpassed the Zacks Consensus Estimate of $8,977.3 million by 4.6%. Revenues remained almost flat with the year-ago quarter.
General Dynamics Corporation Price, Consensus and EPS Surprise
Aerospace: The segment reported revenues of $1,903 million, up 0.8% year over year. Operating earnings of $243 million increased 10.5% from the prior-year quarter’s $220 million.
Marine Systems: This segment’s revenues rose 6.8% from the prior-year quarter to $2,651 million. Operating earnings were up 5.5% from the year-ago quarter to $211 million.
Technologies: The segment reported revenues of $3,163 million, which decreased 1.1% year over year. Operating earnings of $298 million dropped 2.6% from the prior-year quarter’s $306 million.
Combat Systems: The segment’s revenues of $1,675 million were down 8% from the year-ago quarter’s $1,820 million. Operating earnings also declined 7% year over year to $227 million.
Operational Highlights
For the reported quarter, GD’s operating margin contracted 30 basis points, from the year-ago quarter’s reported figure, to 9.7%.
For the quarter under review, General Dynamics’ operating costs and expenses inched up 0.4% from the year-ago period to $8,484 million.
Interest expenses for the reported quarter declined 20.3% year over year to $98 million.
Backlog
General Dynamics recorded a total backlog of $87.23 billion, down 0.4% from 2021-end’s backlog. The funded backlog at first-quarter end was $66.60 billion.
Financial Condition
As of Apr 3, 2022, General Dynamics’ cash and cash equivalents were $2,907 million compared with $1,603 million as of Dec 31, 2021.
Long-term debt as of Apr 3, 2022 was $10,491 million, flat with the 2021-end level of $10,490 million.
In the first quarter of 2022, GD generated cash from operating activities of $1,968 million, escalating sharply from the only $3 million generated in the year-ago period.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. However, the bottom line declined by 1.8% year over year.
Lockheed Martin ended the first quarter of 2022 (on Mar 27, 2022) with $134.23 billion in the backlog compared with $135.36 billion at the end of the fourth quarter of 2021. LMT’s cash from operations at the end of the first quarter of 2022 amounted to $1.41 billion compared with $1.75 billion a year ago.
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted EPS of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Its sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%.
Raytheon Technologies had cash and cash equivalents of $6,040 million as of Mar 31, 2022 compared with $7,832 million as of Dec 31, 2021. RTX projects adjusted EPS in the range of $4.60-$4.80.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2022 adjusted earnings of 22 cents per share, which exceeded the Zacks Consensus Estimate of 17 cents by 29.4%.
Net sales during the first quarter totaled $390.6 million, which beat the Zacks Consensus Estimate of $362 million by 7.9%. Hexcel currently expects to generate sales in the range of $1.50-$1.63 billion in 2022.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
General Dynamics (GD) Q1 Earnings Top, Revenues Flat Y/Y
General Dynamics Corporation (GD - Free Report) reported first-quarter 2022 earnings per share (EPS) of $2.61, which beat the Zacks Consensus Estimate of $2.49 by 4.8%. Quarterly earnings soared 5.2% from $2.48 per share in the year-ago quarter.
Total Revenues
General Dynamics’ first-quarter revenues of $9,392 million surpassed the Zacks Consensus Estimate of $8,977.3 million by 4.6%. Revenues remained almost flat with the year-ago quarter.
General Dynamics Corporation Price, Consensus and EPS Surprise
General Dynamics Corporation price-consensus-eps-surprise-chart | General Dynamics Corporation Quote
Segmental Performance
Aerospace: The segment reported revenues of $1,903 million, up 0.8% year over year. Operating earnings of $243 million increased 10.5% from the prior-year quarter’s $220 million.
Marine Systems: This segment’s revenues rose 6.8% from the prior-year quarter to $2,651 million. Operating earnings were up 5.5% from the year-ago quarter to $211 million.
Technologies: The segment reported revenues of $3,163 million, which decreased 1.1% year over year. Operating earnings of $298 million dropped 2.6% from the prior-year quarter’s $306 million.
Combat Systems: The segment’s revenues of $1,675 million were down 8% from the year-ago quarter’s $1,820 million. Operating earnings also declined 7% year over year to $227 million.
Operational Highlights
For the reported quarter, GD’s operating margin contracted 30 basis points, from the year-ago quarter’s reported figure, to 9.7%.
For the quarter under review, General Dynamics’ operating costs and expenses inched up 0.4% from the year-ago period to $8,484 million.
Interest expenses for the reported quarter declined 20.3% year over year to $98 million.
Backlog
General Dynamics recorded a total backlog of $87.23 billion, down 0.4% from 2021-end’s backlog. The funded backlog at first-quarter end was $66.60 billion.
Financial Condition
As of Apr 3, 2022, General Dynamics’ cash and cash equivalents were $2,907 million compared with $1,603 million as of Dec 31, 2021.
Long-term debt as of Apr 3, 2022 was $10,491 million, flat with the 2021-end level of $10,490 million.
In the first quarter of 2022, GD generated cash from operating activities of $1,968 million, escalating sharply from the only $3 million generated in the year-ago period.
Zacks Rank
General Dynamics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Recent Defense Releases
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. However, the bottom line declined by 1.8% year over year.
Lockheed Martin ended the first quarter of 2022 (on Mar 27, 2022) with $134.23 billion in the backlog compared with $135.36 billion at the end of the fourth quarter of 2021. LMT’s cash from operations at the end of the first quarter of 2022 amounted to $1.41 billion compared with $1.75 billion a year ago.
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted EPS of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Its sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%.
Raytheon Technologies had cash and cash equivalents of $6,040 million as of Mar 31, 2022 compared with $7,832 million as of Dec 31, 2021. RTX projects adjusted EPS in the range of $4.60-$4.80.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2022 adjusted earnings of 22 cents per share, which exceeded the Zacks Consensus Estimate of 17 cents by 29.4%.
Net sales during the first quarter totaled $390.6 million, which beat the Zacks Consensus Estimate of $362 million by 7.9%. Hexcel currently expects to generate sales in the range of $1.50-$1.63 billion in 2022.