General Dynamics Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2011; Reports Non-Cash Impairment of an Intangible Asset for the Fourth Quarter of 211
January 25, 2012 at 07:00 am EST
Share
General Dynamics Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2011. For the quarter, the company reported revenues of $9,147 million, operating earnings of $950 million, earnings from continuing operations before income taxes of $911 million, earnings from continuing operations of $603 million or $1.68 per diluted share, net earnings of $603 million or $1.68 per diluted share as compared to revenues of $8,601 million, operating earnings of $1,076 million, earnings from continuing operations before income taxes of $1,043 million, earnings from continuing operations of $729 million or $1.91 per diluted share, net earnings of $729 million or $1.91 per diluted share for the same period prior year. Net cash provided by operating activities was $2,026 million as compared to $1,419 million for the same period prior year. Capital expenditures were $185 million as compared to $151 million for the same period prior year. Fourth-quarter earnings were impacted by charges taken at the company's Switzerland-based aircraft-completions business totaling $189 million.
For the year, the company reported revenues of $32,677 million, operating earnings of $3,826 million, earnings from continuing operations before income taxes of $3,718 million, earnings from continuing operations of $2,552 million or $6.94 per diluted share, net earnings of $2,526 million or $6.87 per diluted share as compared to revenues of $32,466 million, operating earnings of $3,945 million, earnings from continuing operations before income taxes of $3,790 million, earnings from continuing operations of $2,628 million or $6.82 per diluted share, net earnings of $2,624 million or $6.81 per diluted share for the same period prior year. Net cash provided by operating activities was $3,238 million as compared to $2,986 million for the same period prior year. Capital expenditures were $458 million as compared to $370 million for the same period prior year. Return on equity was 18.8% as compared to 20.2% for the same period prior year. Book value per share as at Dec. 31, 2011 was $37.12 as compared to $35.79 as at Dec. 31, 2010.
For the fourth quarter of 2011, the company reported a $111 million non-cash impairment of an intangible asset related to the business.
General Dynamics Corporation specializes in the design, manufacturing and marketing of aeronautical, space, naval, and defense systems and equipment. Net sales break down by family of products and services as follows:
- information systems and technologies (30.6%): telecommunication, control, surveillance, monitoring, and similar systems;
- submarines and boats (29.5%);
- business aircraft (20.4%). Moreover, the group offers maintenance and assistance services etc.;
- defense and security systems (19.5%): armored combat vehicles, land combat systems, weapons systems, munitions, protection and detection systems, etc.
Net sales break down by source of income between sales of products (58.2%) and services (41.8%).
Net sales are distributed geographically as follows: the United States (85.5%), North America (2.3%), Europe (6.5%), Africa and Middle East (2.7%), Asia/Pacific (2.6%) and America Latin (0.4%).
General Dynamics Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2011; Reports Non-Cash Impairment of an Intangible Asset for the Fourth Quarter of 211