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General Dynamics Corporation

5/18/2013, 8:00 PM ET

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Wednesday, May 15, 4:37 PM Buffett buys Chicago Bridge & Iron (CBI +1.5% AH), the Berkshire (BRK.A) 13F filing showing a new position valued at more than $400M. Missing from the portfolio are previously held positions in General Dynamics (GD no change AH) and Archer Daniels Midland (ADM -1% AH). 3 Comments
Friday, April 26, 4:42 PM Defense companies post strong gains on the week after reports from Raytheon (earnings), Lockheed Martin (earnings), Boeing (earnings), General Dynamics (earnings), and Northrop Grumman (earnings). In a note raising his price target on RTN ($63), Credit Suisse analyst Robert Spinarn summarizes the sector's strong quarterly results: "RTN's Q1 mirrored that of its peers, with a strong EPS beat against consensus, driven by sales and margins [and] in keeping with what we've seen at GD, LMT, and NOC, RTN's FY guidance now incorporates its assessment of the Sequester." On the week: LMT +2.49% , RTN +5% , NOC +4.4% , BA +5.2% , GD +8.89%. Comment!
Wednesday, April 24, 10:49 AM General Dynamics (GD +5.3%) posts a mixed Q1, missing slightly on revenue but easily beating on a per share basis. Net earnings rose 1.2% Y/Y, as a 19% sales decline in its combat systems segment was offset by lower costs and growth in its other business units. Operating margin rose to 11.4% from 11.3%. Net interest expenses were down 41%. Total backlog declined to $48.5B from $55.2B a year earlier. Comment! [Earnings, On the Move]
Wednesday, April 24, 7:04 AM General Dynamics (GD): Q1 EPS of $1.62 beats by $0.12. Revenue of $7.4B misses by $0.18B. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 5:30 PM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Monday, April 22, 2:03 PM General Dynamics (GD -1%) gets a $20M contract extension from the U.S. Navy for the operation of the Nuclear Regional Maintenance Department. The contract's potential value is $164M if it is extended over its maximum five-year life. Comment!
Monday, April 15, 3:23 PM 2012 marked the first annual contraction in global defense spending in a decade and a half according to Bloomberg, quoting the Stockholm International Peace Research Institute. Between austerity in Europe and the scaling back of defense expenditures associated with Afghanistan in the U.S., global military expenditures were down 0.5% last year in real terms. China meanwhile, increased its outlays by nearly 8% and may overtake the U.S. in less than 10 years. Comment!
Thursday, April 11, 4:55 PM Harris (HRS) -6.8% AH after warning it expects FQ3 (March quarter) revenue of $1.2B and EPS of $1.12, below a consensus of $1.32B and $1.26. The company is also lowering its FY13 EPS guidance range to $4.60-$4.70 from $5-$5.20, and is now forecasting a 6%-7% Y/Y revenue drop for the year - the consensus is for EPS of $5.03 and a 3.5% drop. Harris primarily blames soft tactical radio orders, due to U.S. government budget uncertainty and the "increased likelihood" international orders will be pushed out into early FY14. GD -0.8%. CSC -0.7%. (PR) Comment! [Tech, On the Move, Earnings]
Wednesday, April 3, 9:51 AM Buy German appears to be one of the CBO's preferred options for a tank-like Ground Combat Vehicle that is being developed to replace the Bradley Fighting Vehicle, which is made by BAE (BAESF.PK). The CBO reckons that the U.S. Army could save $14B and get a better product if it chooses the "Puma" over vehicles from GD and BAE. Alternatively, upgrading the Bradley and dropping the GCV would save $9B from 2014-2030. Comment!
Tuesday, April 2, 2:04 PM General Dynamics (GD -1.5%) gets $40M extension of existing contract for upgrades to Saudi Arabian tanks. The company also won a share of a $100.6M contract for cannon and artillery components last Friday. Comment!
Wednesday, March 6, 3:48 PM General Dynamics Corporation (GD) declares $0.56/share quarterly dividend, 9.8% increase from prior dividend of $0.51. Forward yield 3.31%. For shareholders of record Apr. 12. Payable May 10. Ex-div date Apr. 10. (PR) Comment! [Dividends]
Tuesday, March 5, 5:37 AM General Dynamics (GD) shipbuilding unit NASSCO has warned over 1,000 workers of indefinite layoffs that may take effect in late April due to the uncertainty caused by the automatic spending cuts that kicked in on Friday. The warning follows one by BAE Systems last week. The reductions will chop the Pentagon's budget by 7.8%, with all major defense contractors set to be hit. 2 Comments [Top Stories, U.S. Economy]
Friday, February 22, 5:09 AM Samsung (SSNLF.PK) has made corporate sales a "top three priority" for its mobile-phone unit, but while it has a 16% market share vs 50% for Apple (AAPL) and 10% for BlackBerry (BBRY), security concerns exist given Samsung's use of Android. To help overcome those fears, Samsung has teamed up with GD (GD) to get Pentagon approval, while it's also poached execs from rivals and mobile-security companies. 45 Comments [Tech, Consumer]
Friday, February 22, 3:57 AM Frank Kendall, the Under Secretary of Defense for Acquisition, has authorized the Pentagon's purchasers and program managers to start talking to suppliers about the plans for implementing $46B of automatic cost reductions, which are due to take effect next Friday. The impact of the cuts will be exacerbated by the DOD not receiving an appropriation for this year, with much of its money in the wrong accounts. 1 Comment [U.S. Economy]
Saturday, February 9, 8:25 AM Shares of big defense companies - NOC, GD, LMT - have dropped during the past two weeks ahead of possible federal budget cuts coming March 1. D.C. politicians may yet kick the can down the road, but some say House Republicans won't flinch, since defense spending "can always be replaced [later] during the appropriations process, after the cuts are put into place." 4 Comments [U.S. Economy]

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