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General Dynamics (NYSE: GD) today reported second-quarter 2009 earnings from continuing operations of $621 million, or $1.61 per share on a fully diluted basis, compared to 2008 second-quarter earnings from continuing operations of $641 million, or $1.60 per share fully diluted. The second-quarter 2008 results included a one-time 9-cent-per-share tax benefit. Revenues in the most-recent quarter grew to $8.1 billion, increasing 10.9 percent over second-quarter 2008 revenues of $7.3 billion. Operating earnings in the second quarter of 2009 grew by 2.6 percent over the previous year’s performance to $945 million.
Net earnings for the second quarter of 2009 were $618 million, compared to $641 million in the year-ago period. Net earnings on a per-share, fully diluted basis were $1.60 in the current quarter, unchanged year-over-year.
For the first six months of 2009, revenues were $16.4 billion, compared with $14.3 billion in the first half of 2008. Half-year earnings from continuing operations and net earnings were unchanged year-over-year at $1.2 billion. Earnings per share from continuing operations on a fully diluted basis for the first six months of 2009 were $3.14 per share, an increase of 4.3 percent when compared to 2008.
“General Dynamics continued to demonstrate the strength of our portfolio in the second quarter of 2009,” said Jay L. Johnson, president and chief executive officer. “Revenues grew in each of the company’s four operating segments, and our operating earnings of $945 million were the highest in company history. Our commitment to financial performance and continuously improving execution generated very strong results.
“Based on the company’s year-to-date performance and our understanding of what the remainder of 2009 will bring, we are raising our earlier guidance for full-year 2009 earnings from continuing operations, to $6.05 to $6.15 per share, fully diluted,” Johnson said.
General Dynamics, headquartered in
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