FALLS CHURCH, Va. - General Dynamics reported first-quarter 2017 of $7.44 billion, down slightly from revenue of $7.48 billion in the first quarter of 2016. Net income for the quarter rose to $763 million compared to $641 million a year ago.
"General Dynamics delivered very strong first-quarter operating performance, demonstrated by 13.9 percent operating margins and 10.3 percent return on sales," said Phebe N. Novakovic, chairman and chief executive officer. "We are on track for a productive 2017 as we continue our focus on operational improvement and successful execution on our robust backlog."
General Dynamics’ total backlog at the end of first-quarter 2017 was $60.4 billion. There was order activity across the Gulfstream product portfolio and strong demand for defense products. The estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $24.6 billion. Total potential contract value, the sum of all backlog components, was $85 billion at the end of the quarter.
INDUSTRY SEGMENTS
Aerospace had 2017 first quarter sales of $2.1 billion up 16 percent compared to 2016 period sales of $1.8 billion. Operating income rose to $443 million compared to $332 million in 2016.
Combat Systems posted 2016 first quarter sales of $1.29 billion up 3 percent compared to $1.24 billion in 2016. Operating income rose to $205 million compared to $187 million in 2016.
The Information Systems and Technology segment reported sales of $2.15 billion, down almost 8 percent compared to $2.33 billion in 2016. Operating income fell slightly to $236 million for the quarter compared to $237 million in the same period in 2016.
In the Marine segment sales fell 9 percent to $1.93 billion in 2017 compared to $2.12 billion in 2016. Operating income for the quarter fell to $161 million compared to $184 million in 2016.
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