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General Dynamics Q1 backlog $69.2 billion, up 11.4 percent year-over-year

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Christian Fernsby ▼ | April 24, 2019
General Dynamics reported first-quarter 2019 revenue of $9.3 billion, up 22.9 percent year-over-year, with net earnings of $745 million.
General Dynamics
General Dynamics   Diluted earnings per share were $2.56 in the first quarter
Diluted earnings per share were $2.56 in the first quarter.

General Dynamics’ total backlog at the end of first-quarter 2019 was $69.2 billion, up 11.4 percent year-over-year.

Estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $33.9 billion.

Total potential contract value, the sum of all backlog components, was $103.2 billion, up 17.7 percent year-over-year.

Order activity remained strong across both the aerospace and defense portfolios.

Aerospace booked more than $3.1 billion in orders in the quarter.

Significant awards in defense portfolios in the quarter included $2 billion from the U.S.

Navy for long-lead materials for Block V Virginia-class submarines, $580 million for services to classified customers, contracts totaling $510 million from the Navy for maintenance and repair of ships and a Virginia-class submarine, a blanket purchase agreement of $490 million from the Defense Information Systems Agency to operate Pentagon and government-furnished network infrastructures, contracts totaling $435 million to support the U.S.

Army’s Stryker armored fighting vehicle and Abrams tank programs, contracts totaling $160 million to produce munitions for the U.S.

Army, $125 million to provide helicopter training and simulation services to the Army and $115 million for computing and communications equipment under the Army’s Common Hardware Systems-5 program.