Regina Garcia
General Dynamics reported a profit of $3.39 billion for its 2022 fiscal year, up 4.1 percent from the prior-year period.
Net earnings for the October-December quarter reached $992 million, or $3.58 per share, compared with the $952 million logged over the same period in 2021, the company said Wednesday.
Revenue for the period rose 5.4 percent year-over-year to $10.85 billion while operating earnings grew to $1.23 billion and diluted earnings for the quarter inched up to $3.58 per share from $3.39 per share.
At the end of 2022, General Dynamics saw a record-high backlog of $91.1 billion as orders across the company remained robust and estimated a total contract value of $127.7 billion, which includes unfunded indefinite-delivery/indefinite-quantity awards along with unexercised options.
The company’s combat systems segment led revenue growth during Q4 with a 15.5 percent year-over-year increase to $2.18 billion, while the marine systems and technology segments logged $2.97 billion and $3.25 billion in revenue, respectively.
Aerospace business revenue for the quarter came to $2.45 billion. Backlog for the aerospace business climbed 19.8% percent to $19.5 billion.
Notable awards for three General Dynamics defense segments during the quarter included a $5.1 billion U.S. Navy contract to handle the procurement and advance construction of a Columbia-class submarine.
Shares of General Dynamics opened lower on Wednesday at $232, compared to a previous close of $232.45.
