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General Dynamics Reports First-Quarter 2012 Results

- Management affirms full-year earnings guidance

- Aerospace group revenues grow 20 percent


News provided by

General Dynamics

Apr 25, 2012, 07:00 ET

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FALLS CHURCH, Va., April 25, 2012  /PRNewswire/ -- General Dynamics (NYSE: GD) today reported first-quarter 2012 net earnings of $564 million, or $1.57 per share on a fully diluted basis, compared with 2011 first-quarter net earnings of $618 million, or $1.64 per share fully diluted.  First-quarter 2012 revenues were $7.6 billion.

Margins

Company-wide operating margins for the first quarter of 2012 were 11.3 percent, compared to 11.9 percent in first-quarter 2011.  Marine Systems margins improved 150 basis points compared to first-quarter 2011 due to improved performance on auxiliary shipbuilding programs.  Combat Systems' operating earnings and margins were negatively impacted in the quarter by $67 million in non-cash out-of-period accounting adjustments in its European operations.  These adjustments reduced the company's fully diluted earnings per share by $0.13 in the quarter. 

Cash

Net cash provided by operating activities in the quarter totaled $414 million.  Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $324 million in first-quarter 2012.  In comparison, for the first quarter of 2011, net cash provided by operating activities was $328 million, and free cash flow from operations was $267 million.

Backlog

Funded backlog at the end of first-quarter 2012 was $46.3 billion, and total backlog was $55.2 billion.  Significant awards received in the quarter include construction contracts for two new surface ships, a DDG 51-class destroyer and a third Mobile Landing Platform (MLP) auxiliary ship.  Healthy demand for Gulfstream aircraft continued in the quarter with particularly strong interest among North American customers.

In addition to total backlog, estimated potential contract value was $26.9 billion, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options.

"General Dynamics' first-quarter performance reflects continued growth in our Aerospace segment as well as the challenges presented by today's dynamic U.S. federal procurement environment. We are continuing to see slower-than-anticipated award activity, particularly relating to our IS&T programs with validated requirements and approved funding," said Jay L. Johnson, chairman and chief executive officer.  "We remain focused on effectively executing existing programs, securing work associated with delayed awards and capturing new opportunities.

"Given our performance in the quarter and our current outlook for the remainder of the year, we expect full-year earnings per share to be in the $7.10 to $7.20 range," Johnson said.  

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 93,000 people worldwide.  The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.  More information about the company is available on the Internet at www.generaldynamics.com.

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions.  These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.  Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

All forward-looking statements speak only as of the date they were made.  The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION:  General Dynamics will webcast its first-quarter securities analyst conference call, scheduled for 9 a.m. EDT on Wednesday, April 25, 2012.  The webcast will be a listen-only audio event, available at www.generaldynamics.com.  An on-demand replay of the webcast will be available by 12 p.m. EDT on April 25 and will continue for 12 months.  To hear a recording of the conference call by telephone, please call 888-286-8010 (international: 617-801-6888); passcode 84872093.  The phone replay will be available from 12 p.m. April 25 through May 2, 2012.

EXHIBIT A










CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS












First Quarter


Variance



2011


2012


$


%










Revenues


$          7,798


$        7,579


$         (219)


(2.8)%

Operating costs and expenses


6,869


6,719


150












Operating earnings


929


860


(69)


(7.4)%










Interest, net


(34)


(39)


(5)



Other, net


1


-


(1)












Earnings before income taxes


896


821


(75)


(8.4)%










Provision for income taxes


278


257


21












Net earnings


$             618


$            564


$           (54)


(8.7)%



















Earnings per share - basic


$            1.66


$           1.58


$        (0.08)


(4.8)%










Basic weighted average shares outstanding (in millions)


372.7


357.0























Earnings per share - diluted


$            1.64


$           1.57


$        (0.07)


(4.3)%










Diluted weighted average shares outstanding (in millions)

376.4


359.4














EXHIBIT B











REVENUES AND OPERATING EARNINGS BY SEGMENT (UNAUDITED)

DOLLARS IN MILLIONS














First Quarter


Variance




2011


2012


$


%

Revenues:




















Aerospace



$          1,353


$        1,623


$           270


20.0 %











Combat Systems



1,955


1,911


(44)


(2.3)%











Marine Systems



1,676


1,605


(71)


(4.2)%











Information Systems and
Technology



2,814


 

2,440


(374)


(13.3)%











Total



$          7,798


$        7,579


$         (219)


(2.8)%











Operating earnings:




















Aerospace



$             230


$            271


$             41


17.8 %











Combat Systems



277


203


(74)


(26.7)%











Marine Systems



167


185


18


10.8 %











Information Systems and
Technology



276


 

218


 

(58)


 

(21.0)%











Corporate



(21)


(17)


4


19.0 %











Total



$             929


$            860


$           (69)


(7.4)%











Operating margins:




















Aerospace



17.0 %


16.7 %















Combat Systems



14.2 %


10.6 %















Marine Systems



10.0 %


11.5 %















Information Systems and
Technology



9.8 %


 

8.9 %















Total



11.9 %


11.3 %















EXHIBIT C






PRELIMINARY CONSOLIDATED BALANCE SHEETS

DOLLARS IN MILLIONS






(Unaudited)



December 31, 2011


April 1, 2012

ASSETS





Current assets:





Cash and equivalents


$                         2,649


$                   2,632

Accounts receivable


4,452


4,686

Contracts in process


5,168


4,929

Inventories


2,310


2,444

Other current assets


789


819

Total current assets


15,368


15,510






Noncurrent assets:





Property, plant and equipment, net


3,284


3,290

Intangible assets, net


1,813


1,783

Goodwill


13,576


13,759

Other assets


842


967

Total noncurrent assets


19,515


19,799

Total assets


$                       34,883


$                  35,309

LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:





Short-term debt and current portion of long-term debt


$                              23


$                           3

Accounts payable


2,895


2,509

Customer advances and deposits


5,011


5,299

Other current liabilities


3,216


3,142

Total current liabilities


11,145


10,953






Noncurrent liabilities:





Long-term debt


3,907


3,905

Other liabilities


6,599


6,597

Total noncurrent liabilities


10,506


10,502






Shareholders' equity:





Common stock


482


482

Surplus


1,888


1,897

Retained earnings


18,917


19,297

Treasury stock


(5,743)


(5,710)

 Accumulated other comprehensive loss


(2,312)


(2,112)

Total shareholders' equity


13,232


13,854

Total liabilities and shareholders' equity


$                       34,883


$                35,309






EXHIBIT D






PRELIMINARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

DOLLARS IN MILLIONS








Three Months Ended

Cash flows from operating activities:


April 3, 2011


April 1, 2012

Net earnings


$                    618


$                   564

Adjustments to reconcile net earnings to net cash provided by 





operating activities:





Depreciation of property, plant and equipment


85


97

Amortization of intangible assets


58


57

Stock-based compensation expense


32


35

Excess tax benefit from stock-based compensation


(15)


(21)

Deferred income tax provision


19


3

(Increase) decrease in assets, net of effects of business acquisitions:





Accounts receivable


(389)


(233)

Contracts in process


(14)


162

Inventories


(154)


(114)

Increase (decrease) in liabilities, net of effects of business acquisitions:





Accounts payable


(226)


(387)

Customer advances and deposits


198


205

Income taxes payable


215


188

Other current liabilities


(120)


(269)

Other, net


21


127

Net cash provided by operating activities


328


414






Cash flows from investing activities:





Purchases of held-to-maturity securities


(78)


(126)

Capital expenditures


(61)


(90)

Purchases of available-for-sale securities


(174)


(65)

Business acquisitions, net of cash acquired


-


(26)

Maturities of held-to-maturity securities


116


3

Other, net


59


40

Net cash used by investing activities


(138)


(264)






Cash flows from financing activities:





Dividends paid


(157)


(169)

Proceeds from option exercises


138


78

Purchases of common stock


(314)


(76)

Other, net


15


1

Net cash used by financing activities


(318)


(166)






Net cash used by discontinued operations


(1)


(1)






Net decrease in cash and equivalents


(129)


(17)

Cash and equivalents at beginning of period


2,613


2,649

Cash and equivalents at end of period


$                 2,484


$                2,632






 

EXHIBIT E












PRELIMINARY FINANCIAL INFORMATION (UNAUDITED)



DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS
















First Quarter


First Quarter







2011


2012



Non-GAAP Financial Measures:

















Free cash flow from operations:








Net cash provided by operating activities



$                           328


$                  414



Capital expenditures 



(61)


(90)




Free cash flow from operations (A)



$                           267


$                  324












Return on invested capital:








Earnings from continuing operations



$                        2,647


$               2,498




After-tax interest expense



108


110




After-tax amortization expense



156


163



Net operating profit after taxes



2,911


2,771



Average debt and equity



16,746


17,372




Return on invested capital (B)



17.4%


16.0%












Other Financial Information:








Return on equity (C)



19.9%


18.2%












Debt-to-equity (D)



23.1%


28.2%












Debt-to-capital (E)



18.8%


22.0%












Book value per share (F)



$                        37.30


$               38.44












Total taxes paid



$                             55


$                    82












Company-sponsored research and development (G)



$                           115


$                  152












Employment 



89,800


92,900












Sales per employee (H)



$                    360,200


$          352,200












Shares outstanding



372,000,435


360,399,149












(A) We believe free cash flow from operations is a measurement that is useful to investors because it portrays our ability to generate cash from our core businesses for such purposes as repaying maturing debt, funding business acquisitions and paying dividends.  We use free cash flow from operations to assess the quality of our earnings and as a performance measure in evaluating management.  The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.












(B) We believe return on invested capital (ROIC) is a measurement that is useful to investors because it reflects our ability to generate returns from the capital we have deployed in our operations.  We use ROIC to evaluate investment decisions and as a performance measure in evaluating management.  We define ROIC as net operating profit after taxes for the latest 12-month period divided by the sum of the average debt and shareholders' equity for the same period.  Net operating profit after taxes is defined as earnings from continuing operations plus after-tax interest and amortization expense.  The most directly comparable GAAP measure to net operating profit after taxes is earnings from continuing operations.












(C) Return on equity is calculated by dividing earnings from continuing operations for the latest 12-month period by our average equity during that period.


















(D) Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.
















(E) Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of the end of the period.


















(F) Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.


















(G) Includes independent research and development and bid and proposal costs and Gulfstream product-development costs.


















(H) Sales per employee is calculated by dividing revenues for the latest 12-month period by our average number of employees during that period.









EXHIBIT F













BACKLOG (UNAUDITED)

DOLLARS IN MILLIONS





















Estimated 










Total


Potential


Total Potential


First Quarter 2012


Funded 


Unfunded 


Backlog 


Contract Value*


Contract Value


Aerospace


$      16,718


$               266


$   16,984


$                    -


$             16,984














Combat Systems


9,623


1,042


10,665


3,473


14,138














Marine Systems


12,261


5,754


18,015


1,199


19,214














Information Systems and
Technology


7,649


1,913


9,562


22,256


31,818














Total


$    46,251


$          8,975


$ 55,226


$           26,928


$           82,154


























Fourth Quarter 2011












Aerospace


$      17,618


$               289


$   17,907


$                      -


$             17,907














Combat Systems


10,283


1,137


11,420


3,453


14,873














Marine Systems


9,364


9,140


18,504


2,163


20,667














Information Systems and
Technology


7,434


2,145


9,579


22,384


31,963














Total


$    44,699


$        12,711


$ 57,410


$           28,000


$           85,410


























First Quarter 2011












Aerospace


$      17,499


$               361


$   17,860


$                      -


$             17,860














Combat Systems


10,289


1,092


11,381


4,925


16,306














Marine Systems


8,113


10,540


18,653


549


19,202














Information Systems and
Technology


7,958


1,724


9,682


15,119


24,801














Total


$    43,859


$        13,717


$ 57,576


$           20,593


$           78,169


























*  The estimated potential contract value represents management's estimate of our future contract value under unfunded indefinite delivery,
indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options to purchase new aircraft
and long-term agreements with fleet customers, as applicable.  Because the value in the unfunded IDIQ arrangements is subject to the
customer's future exercise of an indeterminate quantity of orders, we recognize these contracts in backlog only when they are funded. 
Unexercised options are recognized in backlog when the customer exercises the option and establishes a firm order.














EXHIBIT G


FIRST QUARTER 2012 SIGNIFICANT ORDERS (UNAUDITED)

DOLLARS IN MILLIONS

We received the following significant contract orders during the first quarter of 2012:

Combat Systems

  • $130 from the U.K. Ministry of Defence for the production of 100 Ocelot light patrol vehicles. 
  • $40 from the U.S. Army for the production of 258 Stryker Mine Rollers. 
  • $35 from the Army for munitions demilitarization.  

Marine Systems

  • $665 from the U.S. Navy for construction of a second DDG-51 destroyer under the destroyer construction continuation program.
  • $360 from the Navy for construction of the third Mobile Landing Platform (MLP) auxiliary support ship.

Information Systems and Technology

  • $155 for combat and seaframe control systems on two Navy Littoral Combat Ships (LCS); options remain for six additional shipsets of equipment.  
  • $80 from the U.S. Department of Education to assist in the implementation and operation of the Federal Student Aid Information Center.
  • $75 from the U.S. Air Force for networking and computing products and support under the Network-Centric Solutions (NETCENTS) program.
  • $70 from the Canadian government to provide engineering and support services. 
  • An award from the U.S. Department of Energy to provide cybersecurity and cloud-computing support services.  The program has a maximum potential value of $140 over four years.

EXHIBIT H







AEROSPACE SUPPLEMENTAL DATA (UNAUDITED)









First Quarter




2011


2012


Gulfstream Green Deliveries (units):












Large aircraft


20


26








Mid-size aircraft


4


2








Total


24


28








Gulfstream Outfitted Deliveries (units):












Large aircraft


19


17








Mid-size aircraft


5


2








Total


24


19








Pre-owned Deliveries (units):


-


-








SOURCE General Dynamics

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