General Dynamics Corp. (GD, Financial) filed Quarterly Report for the period ended 2010-04-04.
General Dynamics Corp. has a market cap of $29.82 billion; its shares were traded at around $77.55 with a P/E ratio of 12.5 and P/S ratio of 0.9. The dividend yield of General Dynamics Corp. stocks is 2.2%. General Dynamics Corp. had an annual average earning growth of 13.7% over the past 10 years. GuruFocus rated General Dynamics Corp. the business predictability rank of 4.5-star.GD is in the portfolios of David Winters of Wintergreen Advisors, Tom Gayner of Markel Gayner Asset Management Corp, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, Tom Russo of Gardner Russo & Gardner, David Dreman of Dreman Value Management, Bill Frels of MAIRS & POWER INC, Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC.
2010, down from $2.6 billion at the end of the first quarter of 2009. The significant reduction in net debt came after the following capital deployments in the past 12 months: $691 spent on acquisitions, $588 of dividends paid, $529 of company-sponsored research and development, $364 of capital expenditures and $300 of share repurchases.
Net interest expense in the first quarter of 2010 was $44 compared with $39 in the same period in 2009 due to the issuance of additional debt in 2009. We expect full-year net interest expense between $150 and $160, subject to capital deployment activities.
Our total backlog was $63.9 billion on April 4, 2010, down 3 percent from the end of 2009. Funded backlog increased 3 percent in the first quarter of 2010 to $47.4 billion. We had strong order activity in all groups in the quarter, particularly in the Information Systems and Technology group, which had a book-to-bill ratio (orders divided by revenues) of one-to-one. Our backlog does not include work awarded under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts, unexercised options associated with existing firm contracts or options to purchase new aircraft, which we refer to collectively as estimated potential contract value. As of the end of the first quarter of 2010, our estimate of this potential contract value, which we expect to realize over the next 10 to 15 years, was approximately $17 billion, down slightly from $17.6 billion at the end of 2009.
Corporate results consist primarily of compensation expense for stock options and a portion of the results from our commercial pension plans. Corporate operating expenses totaled $20 in the first quarter of 2010 compared with $26 in the first quarter of 2009. We expect 2010 Corporate operating expense to be approximately $95.
first quarter of 2010 with $18.5 billion of backlog compared with $19.3 billion at the end of 2009. The business-jet market has shown signs of steady improvement over the past few quarters. The group booked more orders for Gulfstream aircraft in the first quarter than it has since the third quarter of 2008, and orders outpaced defaults for the fourth consecutive quarter. Large-cabin orders continue to be strong, and mid-size orders improved in the first quarter of 2010, reaching their highest level since the second quarter of 2008. The group continued to experience customer defaults in the first quarter, which along with the deliveries in the quarter, led to the decline in backlog. We expect default activity to decline over the remainder of the year assuming the global economic recovery continues.
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General Dynamics Corp. has a market cap of $29.82 billion; its shares were traded at around $77.55 with a P/E ratio of 12.5 and P/S ratio of 0.9. The dividend yield of General Dynamics Corp. stocks is 2.2%. General Dynamics Corp. had an annual average earning growth of 13.7% over the past 10 years. GuruFocus rated General Dynamics Corp. the business predictability rank of 4.5-star.GD is in the portfolios of David Winters of Wintergreen Advisors, Tom Gayner of Markel Gayner Asset Management Corp, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, Tom Russo of Gardner Russo & Gardner, David Dreman of Dreman Value Management, Bill Frels of MAIRS & POWER INC, Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Net cash provided by operating activities was $210 in the first three months of 2010, compared with $154 in the same period in 2009. We used our cash in both periods to fund acquisitions and capital expenditures, repurchase our common stock, pay dividends and repay maturing debt. Our net debt debt less cash and equivalents and marketable securities was $1.3 billion at the end of the first quarter of2010, down from $2.6 billion at the end of the first quarter of 2009. The significant reduction in net debt came after the following capital deployments in the past 12 months: $691 spent on acquisitions, $588 of dividends paid, $529 of company-sponsored research and development, $364 of capital expenditures and $300 of share repurchases.
Net interest expense in the first quarter of 2010 was $44 compared with $39 in the same period in 2009 due to the issuance of additional debt in 2009. We expect full-year net interest expense between $150 and $160, subject to capital deployment activities.
Our total backlog was $63.9 billion on April 4, 2010, down 3 percent from the end of 2009. Funded backlog increased 3 percent in the first quarter of 2010 to $47.4 billion. We had strong order activity in all groups in the quarter, particularly in the Information Systems and Technology group, which had a book-to-bill ratio (orders divided by revenues) of one-to-one. Our backlog does not include work awarded under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts, unexercised options associated with existing firm contracts or options to purchase new aircraft, which we refer to collectively as estimated potential contract value. As of the end of the first quarter of 2010, our estimate of this potential contract value, which we expect to realize over the next 10 to 15 years, was approximately $17 billion, down slightly from $17.6 billion at the end of 2009.
Corporate results consist primarily of compensation expense for stock options and a portion of the results from our commercial pension plans. Corporate operating expenses totaled $20 in the first quarter of 2010 compared with $26 in the first quarter of 2009. We expect 2010 Corporate operating expense to be approximately $95.
first quarter of 2010 with $18.5 billion of backlog compared with $19.3 billion at the end of 2009. The business-jet market has shown signs of steady improvement over the past few quarters. The group booked more orders for Gulfstream aircraft in the first quarter than it has since the third quarter of 2008, and orders outpaced defaults for the fourth consecutive quarter. Large-cabin orders continue to be strong, and mid-size orders improved in the first quarter of 2010, reaching their highest level since the second quarter of 2008. The group continued to experience customer defaults in the first quarter, which along with the deliveries in the quarter, led to the decline in backlog. We expect default activity to decline over the remainder of the year assuming the global economic recovery continues.
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