General Dynamics' Q3 Earnings Lag Estimates, Revenues Rise Y/Y

General Dynamics Corporation GD reported third-quarter 2024 earnings per share (EPS) of $3.35, which missed the Zacks Consensus Estimate of $3.54 by 5.4%. However, the bottom-line increased 10.2% from $3.04 per share recorded in the year-ago quarter.The year-over-year bottom-line appreciation can be attributed to sales growth as well as an improvement in operating earnings.Total Revenues of GDRevenues of $11.67 billion missed the Zacks Consensus Estimate of $11.72 billion by 0.4%. The top line however improved 10.4% from the prior-year figure.The year-over-year improvement can be attributed to increased revenues from GD’s Aerospace, Marine Systems and Technologies, business segments.General Dynamics Corporation Price, Consensus and EPS Surprise General Dynamics Corporation price-consensus-eps-surprise-chart | General Dynamics Corporation QuoteGD’s Segmental PerformanceAerospace: The segment reported revenues of $2.48 billion, up 22.1% year over year. Operating earnings of $305 million improved 13.8% year over year.Marine Systems: This segment’s revenues rose 19.9% to $3.60 billion from the year-ago quarter’s level. Operating earnings of $258 million increased 22.3% year over year.Technologies: The segment’s revenues improved 2% year over year to $3.38 billion. Operating earnings totaled $326 million, which improved 3.5% year over year.Combat Systems: The segment’s revenues of $2.21 billion were down 0.5% from the year-ago quarter’s level. However, operating earnings improved 8.3% year over year to $325 million.Operational Highlights of GDOperating earnings totaled $1.18 billion, up 11.7% from the year-ago quarter’s $1.06 billion.Operating costs and expenses increased 10.3% year over year to $10.49 billion.Interest expenses declined 3.5% year over year to $82 million.GD’s BacklogGeneral Dynamics recorded a total backlog of $92.63 billion, surpassing the second-quarter level of $91.30 billion. The funded backlog at the end of the quarter was $74.95 billion.Our model projected a backlog of $93.08 billion for the third quarter.Financial Condition of GDAs of Sept. 29, 2024, cash and cash equivalents totaled $2.10 billion compared with $1.91 billion as of Dec. 31, 2023.The long-term debt as of the same date was $7.26 billion, down from the 2023-end level of $8.75 billion.During the first nine months of 2024, cash flow from operating activities totaled $1.95 billion compared with $3.51 billion in the year-ago period.GD’s Zacks RankGeneral 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 ReleasesHexcel Corporation HXL reported third-quarter adjusted earnings of 47 cents per share, which improved 23.7% from the year-ago quarter’s figure of 38 cents. The bottom line also surpassed the Zacks Consensus Estimate by 2.2%.Net sales totaled $456.5 million, which beat the consensus estimate of $456.2 million by 0.1%. The top line also witnessed an improvement of 8.8% from the year-ago quarter’s figure of $419.5 million.RTX Corporation RTX reported third-quarter 2024 adjusted earnings per share of $1.45, which surpassed the Zacks Consensus Estimate of $1.33 by 9%. The bottom line also improved 16% from the year-ago quarter’s level of $1.25.RTX’s sales totaled $20.09 billion, which surpassed the consensus estimate of $19.91 billion by 0.9%. The top line also surged 49.2% from $13.46 billion recorded in the third quarter of 2023.Lockheed Martin Corporation LMT reported third-quarter adjusted earnings of $6.84 per share, which beat the Zacks Consensus Estimate of $6.47 by 5.7%. The bottom line also rose 1% from the year-ago quarter's figure of $6.77.Net sales totaled $17.10 billion, which missed the consensus estimate of $17.28 billion by 1%. The top line, however, increased 1.3% from $16.88 billion reported in the year-ago quarter.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report RTX Corporation (RTX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks