Wednesday, January 28, 2009

General Dynamics Reports Strong Fourth Quarter, Outstanding Full-Year 2008


· Fourth-quarter Earnings Per Share from Continuing Operations Increase 14 percent

· Total Backlog increases 22.5 percent


FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today reported that earnings from continuing operations in the fourth quarter of 2008 were $630 million, or $1.62 per share on a fully diluted basis, compared to 2007 fourth-quarter earnings from continuing operations of $578 million, or $1.42 per share fully diluted. Revenue increased to $7.9 billion in the quarter, compared to fourth-quarter 2007 revenue of $7.5 billion.
Full-year 2008 Results 
Earnings from continuing operations for the full year of 2008 were $2.48 billion, or $6.22 per share on a fully diluted basis, an increase of 19.1 percent over 2007 full-year earnings from continuing operations of $2.1 billion, or $5.10 per share fully diluted. Revenue for the full year of 2008 was $29.3 billion, compared with $27.2 billion for 2007, an increase of 7.6 percent.
Cash
Net cash provided by operating activities from continuing operations totaled $805 million in the quarter and $3.1 billion for the year. Free cash flow from operations, defined as net cash provided by operating activities from continuing operations less capital expenditures, was $629 million in the quarter and $2.6 billion for the year.
Backlog
The company’s total backlog grew by $13.6 billion in the fourth quarter of 2008, to $74.1 billion. Compared to year-end 2007, total backlog increased by $27.3 billion. Funded backlog at year-end 2008 was $51.7 billion, an increase of $14.5 billion over the prior year.

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