General Dynamics Reports Fourth-Quarter and Full-Year 2024 Financial Results

    --  Fourth-quarter net earnings of $1.1 billion, diluted EPS of $4.15, on
        $13.3 billion in revenue
    --  Full-year net earnings of $3.8 billion, diluted EPS of $13.63, on $47.7
        billion in revenue
    --  $2.2 billion net cash provided by operating activities in the quarter,
        188% of net earnings
    --  Ended the year with $90.6 billion in backlog

RESTON, Va., Jan. 29, 2025 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported quarterly net earnings of $1.1 billion, up 14.2% from the year-ago quarter, on revenue of $13.3 billion, up 14.3% over the year-ago quarter. Diluted earnings per share (EPS) was $4.15, up 14% from the year-ago quarter.

For the full year, net earnings were $3.8 billion, up 14.1% from 2023, on revenue of $47.7 billion, up 12.9% from 2023. Diluted EPS for the full year was $13.63, up 13.4% from 2023.

"We had a solid fourth quarter, capping off a year that saw steady growth in revenue and earnings across all four segments," said Phebe N. Novakovic, chairman and chief executive officer. "Order activity continued to be very strong, with 1-to-1 book-to-bill for the year, even as revenue grew by 13%, positioning us well for continued growth."

Gulfstream delivered 47 aircraft in the quarter, of which 42 were large-cabin aircraft. The company delivered a total of 136 aircraft during the year, of which 118 were large-cabin aircraft.

Cash
Net cash provided by operating activities in the quarter totaled $2.2 billion, or 188% of net earnings. For the year, net cash provided by operating activities totaled $4.1 billion, or 109% of net earnings.

During the year, the company invested $916 million in capital expenditures, made tax payments of $560 million, repaid fixed-rate notes of $500 million, and returned $3 billion to shareholders through dividends and share repurchases, ending 2024 with $1.7 billion in cash and equivalents on hand.

Backlog
Orders remained strong across the company with a consolidated book-to-bill ratio, defined as orders divided by revenue, of 0.9-to-1 for the quarter and 1-to-1 for the year. The company ended the year with backlog of $90.6 billion and estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, of $53.4 billion. Total estimated contract value, the sum of all backlog components, was $144 billion at year end, up 9.1% from a year earlier.

In the Aerospace segment, orders in the quarter totaled $3.8 billion. Backlog at the end of the year was $19.7 billion. Aerospace book-to-bill was 1-to-1 for the quarter and the year.

In the three defense segments, significant awards in the quarter include a U.S. Air Force contract with maximum potential value of $5.6 billion to modernize, integrate and operate the Department of Defense's Mission Partner Environments (MPEs); a U.S. Space Force contract with maximum potential value of $2.2 billion to provide sustainment services for the Mobile User Objective System (MUOS) satellite communications system; $1.9 billion from the U.S. Navy for multiple contracts to provide services, materials and parts for Virginia-class submarines; $370 million from the U.S. Army for the production of 155mm artillery projectile metal parts; contracts for various munitions and ordnance with maximum potential value of $820 million; and several key contracts for classified customers with maximum potential value of $1.4 billion.

About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2024 financial results conference call today at 9 a.m. EST. The webcast will be a listen-only audio event available at GD.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through February 5 at 800-770-2030 (international +1 647-362-9199), conference ID 4299949. Charts furnished to investors and securities analysts in connection with the announcement of financial results are available at GD.com. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2025 guidance presented during the call.

This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.


                                                                                  
            
              EXHIBIT A



                                                  
           
        CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

                                                    
            
        DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS




                                                                     Three Months Ended December 31                    Variance


                                                        2024                 2023         
            
              $            %



     Revenue                                        $13,338              $11,668                        $1,670 14.3 %



     Operating costs and expenses                  (11,915)            (10,380)                      (1,535)



     Operating earnings                               1,423                1,288                           135 10.5 %



     Other, net                                          21                   17                             4



     Interest, net                                     (76)                (78)                            2



     Earnings before income tax                       1,368                1,227                           141 11.5 %



     Provision for income tax, net                    (220)               (222)                            2



     Net earnings                                    $1,148               $1,005                          $143 14.2 %



     Earnings per share-basic                         $4.20                $3.68                         $0.52 14.1 %



     Basic weighted average shares outstanding        273.4                272.8



     Earnings per share-diluted                       $4.15                $3.64                         $0.51 14.0 %



     Diluted weighted average shares outstanding      276.9                275.9



     
                EXHIBIT B




     
                CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)


     
                DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS




                                                                                Year Ended December 31                    Variance


                                                                        2024      2023         
           
             $                %



     Revenue                                                        $47,716   $42,272                      $5,444 12.9 %



     Operating costs and expenses                                  (42,920) (38,027)                    (4,893)



     Operating earnings                                               4,796     4,245                         551 13.0 %



     Other, net                                                          68        82                        (14)



     Interest, net                                                    (324)    (343)                         19



     Earnings before income tax                                       4,540     3,984                         556 14.0 %



     Provision for income tax, net                                    (758)    (669)                       (89)



     Net earnings                                                    $3,782    $3,315                        $467 14.1 %



     Earnings per share-basic                                        $13.81    $12.14                       $1.67 13.8 %



     Basic weighted average shares outstanding                        273.9     273.1



     Earnings per share-diluted                                      $13.63    $12.02                       $1.61 13.4 %



     Diluted weighted average shares outstanding                      277.5     275.7



       
                EXHIBIT C




       
                REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)


       
                DOLLARS IN MILLIONS




                                                                                         Three Months Ended December 31                   Variance


                                                                                2024    2023         
              
                $    %


                                                     Revenue:

    ---


       Aerospace                                                             $3,743  $2,744                              $999     36.4 %



       Marine Systems                                                         3,960   3,408                               552     16.2 %



       Combat Systems                                                         2,395   2,364                                31      1.3 %



       Technologies                                                           3,240   3,152                                88      2.8 %


                                    Total                                    $13,338 $11,668                            $1,670     14.3 %


                                                     Operating earnings:

    ---


       Aerospace                                                               $585    $449                              $136     30.3 %



       Marine Systems                                                           200     217                              (17)   (7.8) %



       Combat Systems                                                           356     351                                 5      1.4 %



       Technologies                                                             319     305                                14      4.6 %



       Corporate                                                               (37)   (34)                              (3)   (8.8) %


                                    Total                                     $1,423  $1,288                              $135     10.5 %


                                                     Operating margin
                                                              :

    ---


       Aerospace                                                             15.6 % 16.4 %



       Marine Systems                                                         5.1 %  6.4 %



       Combat Systems                                                        14.9 % 14.8 %



       Technologies                                                           9.8 %  9.7 %


                                    Total                                     10.7 % 11.0 %


                                                                                 
              
                EXHIBIT D



                                                 
           
     REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

                                                                       
              
                DOLLARS IN MILLIONS




                                                                      Year Ended December 31                       Variance


                                                      2024           2023         
              
                $             %


                             Revenue:

    ---


       Aerospace                                  $11,249         $8,621                            $2,628              30.5 %



       Marine Systems                              14,343         12,461                             1,882              15.1 %



       Combat Systems                               8,997          8,268                               729               8.8 %



       Technologies                                13,127         12,922                               205               1.6 %


                       Total                       $47,716        $42,272                            $5,444              12.9 %


                             Operating earnings:

    ---


       Aerospace                                   $1,464         $1,182                              $282              23.9 %



       Marine Systems                                 935            874                                61               7.0 %



       Combat Systems                               1,276          1,147                               129              11.2 %



       Technologies                                 1,260          1,202                                58               4.8 %



       Corporate                                    (139)         (160)                               21              13.1 %


                       Total                        $4,796         $4,245                              $551              13.0 %


                             Operating margin:

    ---


       Aerospace                                   13.0 %        13.7 %



       Marine Systems                               6.5 %         7.0 %



       Combat Systems                              14.2 %        13.9 %



       Technologies                                 9.6 %         9.3 %


                       Total                        10.1 %        10.0 %


                                                                                   
          
                EXHIBIT E



                                                                             
       
        CONSOLIDATED BALANCE SHEET

                                                                               
        
            DOLLARS IN MILLIONS




                                                                                                                    (Unaudited)


                                                                                                                 December 31, 2024 December 31, 2023



     
                
                  ASSETS



     
                
                  Current assets:



     Cash and equivalents                                                                                                  $1,697             $1,913



     Accounts receivable                                                                                                    2,977              3,004



     Unbilled receivables                                                                                                   8,248              7,997



     Inventories                                                                                                            9,724              8,578



     Other current assets                                                                                                   1,740              2,123



     Total current assets                                                                                                  24,386             23,615



     
                
                  Noncurrent assets:



     Property, plant and equipment, net                                                                                     6,467              6,198



     Intangible assets, net                                                                                                 1,520              1,656



     Goodwill                                                                                                              20,556             20,586



     Other assets                                                                                                           2,951              2,755



     Total noncurrent assets                                                                                               31,494             31,195



     
                
                  Total assets                                                                             $55,880            $54,810



     
                
                  LIABILITIES AND SHAREHOLDERS' EQUITY



     
                
                  Current liabilities:



     Short-term debt and current portion of long-term debt                                                                 $1,502               $507



     Accounts payable                                                                                                       3,344              3,095



     Customer advances and deposits                                                                                         9,491              9,564



     Other current liabilities                                                                                              3,487              3,266



     Total current liabilities                                                                                             17,824             16,432



     
                
                  Noncurrent liabilities:



     Long-term debt                                                                                                         7,260              8,754



     Other liabilities                                                                                                      8,733              8,325



     Total noncurrent liabilities                                                                                          15,993             17,079



     
                
                  Shareholders' equity:



     Common stock                                                                                                             482                482



     Surplus                                                                                                                4,062              3,760



     Retained earnings                                                                                                     41,487             39,270



     Treasury stock                                                                                                      (22,450)          (21,054)



     Accumulated other comprehensive loss                                                                                 (1,518)           (1,159)



     Total shareholders' equity                                                                                            22,063             21,299



     
                
                  Total liabilities and shareholders' equity                                               $55,880            $54,810



     
                EXHIBIT F




     
                CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)


     
                DOLLARS IN MILLIONS




                                                                                                         Year Ended December 31


                                                                                                 2024     2023



     
                
                  Cash flows from operating activities-continuing operations:



     Net earnings                                                                             $3,782   $3,315



     Adjustments to reconcile net earnings to net cash from operating activities:



     Depreciation of property, plant and equipment                                               644      608



     Amortization of intangible and finance lease right-of-use assets                            242      255



     Equity-based compensation expense                                                           183      181



     Deferred income tax benefit                                                                (86)   (177)



     (Increase) decrease in assets, net of effects of business acquisitions:



     Accounts receivable                                                                          16       38



     Unbilled receivables                                                                      (261)     913



     Inventories                                                                             (1,195) (2,219)



     Increase (decrease) in liabilities, net of effects of business acquisitions:



     Accounts payable                                                                            247    (303)



     Customer advances and deposits                                                              343    2,415



     Income taxes payable                                                                        266    (209)



     Other, net                                                                                 (69)   (107)



     Net cash provided by operating activities                                                 4,112    4,710



     
                
                  Cash flows from investing activities:



     Capital expenditures                                                                      (916)   (904)



     Other, net                                                                                 (37)    (37)



     Net cash used by investing activities                                                     (953)   (941)



     
                
                  Cash flows from financing activities:



     Dividends paid                                                                          (1,529) (1,428)



     Purchases of common stock                                                               (1,501)   (434)



     Repayment of fixed-rate notes                                                             (500) (1,250)



     Other, net                                                                                  161       18



     Net cash used by financing activities                                                   (3,369) (3,094)



     Net cash used by discontinued operations                                                    (6)     (4)



     
                
                  Net (decrease) increase in cash and equivalents               (216)     671



     
                
                  Cash and equivalents at beginning of year                     1,913    1,242



     
                
                  Cash and equivalents at end of year                          $1,697   $1,913



       
                EXHIBIT G




       
                ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)


       
                DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS




                                                     Other Financial Information:

    ---

                                                                                                                                  December 31, 2024        December 31, 2023



       Debt-to-equity (a)                                                                                                                   39.7 %                   43.5 %



       Book value per share (b)                                                                                                             $81.61                    $77.85



       Shares outstanding                                                                                                              270,340,502               273,599,948




                                                                                                                                  Fourth Quarter                                        Twelve Months


                                                                                                                                               2024                      2023     2024      2023



       Income tax payments, net                                                                                                               $435                      $607     $560    $1,100



       Company-sponsored research and                                                                                                         $144                      $115     $565      $510


       development (c)



       Return on sales (d)                                                                                                                   8.6 %                    8.6 %   7.9 %    7.8 %



       Return on equity (e)                                                                                                                                                  17.2 %   16.8 %




                                                     Non-GAAP Financial Measures:

    ---

                                                                                                                                  Fourth Quarter                                        Twelve Months


                                                                                                                                               2024                      2023     2024      2023



       
                
                  Free cash flow:



       Net cash provided by operating activities                                                                                            $2,160                    $1,196   $4,112    $4,710



       Capital expenditures                                                                                                                  (355)                    (304)   (916)    (904)



       Free cash flow (f)                                                                                                                   $1,805                      $892   $3,196    $3,806





       
                
                  Return on invested capital:



       Net earnings                                                                                                                                                          $3,782    $3,315



       After-tax interest expense                                                                                                                                               310       315



       After-tax amortization expense                                                                                                                                           191       201



       Net operating profit after taxes                                                                                                                                       4,283     3,831



       Average invested capital                                                                                                                                              32,451    31,258



       Return on invested capital (g)                                                                                                                                        13.2 %   12.3 %




                                                                                                                                  December 31, 2024        December 31, 2023



       
                
                  Net debt:



       Total debt                                                                                                                           $8,762                    $9,261



       Less cash and equivalents                                                                                                             1,697                     1,913



       Net debt (h)                                                                                                                         $7,065                    $7,348







       Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page.



     
       EXHIBIT G (Cont.)




     
       ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)


     
       DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS





     (a)                                                
     Debt-to-equity ratio is calculated as total debt divided by total equity as of year end.



     (b)                                                  Book value per share is calculated as total equity divided by total outstanding shares as of year end.



     (c)                                                
     Includes independent research and development and Aerospace product-development costs.



     (d)                                                
     Return on sales is calculated as net earnings divided by revenue.



     (e)                                                  Return on equity is calculated by dividing net earnings by our average total equity during the year. Average
                                                            total equity is calculated using

                                                           the total equity balance at the end of the preceding year and the total equity balances at the end of each of
                                                            the four quarters of the year

                                                         
     presented.



     (f)                                                  We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash
                                                            flow is a useful measure for

                                                           investors because it portrays our ability to generate cash from our businesses for purposes such as repaying
                                                            debt, funding business

                                                           acquisitions, repurchasing our common stock and paying dividends. We use free cash flow to assess the quality
                                                            of our earnings and as a

                                                         
     key performance measure in evaluating management.



     (g)                                                  We believe return on invested capital (ROIC) is a useful measure for investors because it reflects our ability
                                                            to generate returns from the

                                                           capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance
                                                            measure in evaluating

                                                           management. We define ROIC as net operating profit after taxes divided by average invested capital. Net
                                                            operating profit after taxes is

                                                           defined as net earnings plus after-tax interest and amortization expense, calculated using the statutory
                                                            federal income tax rate. Average

                                                           invested capital is defined as the sum of the average debt and average shareholders' equity excluding
                                                            accumulated other comprehensive

                                                           loss. Average debt and average shareholders' equity excluding accumulated other comprehensive loss are
                                                            calculated using the respective

                                                           balances at the end of the preceding year and the respective balances at the end of each of the four quarters
                                                            of the year presented. ROIC

                                                           excludes goodwill impairments and non-economic accounting changes as they are not reflective of company
                                                            performance.



     (h)                                                  We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt
                                                            is a useful measure for investors

                                                           because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt
                                                            as an important indicator of

                                                         
     liquidity and financial position.



       
                EXHIBIT H




       
                BACKLOG - (UNAUDITED)


       
                DOLLARS IN MILLIONS




                                                                                                                                Funded            Unfunded  Total     Estimated          Total

                                                                                                                                                            Backlog   Potential          Estimated

                                                                                                                                                                      Contract Value*    Contract Value


                                                     Fourth Quarter 2024:

    ---


       Aerospace                                                                                                              $18,895                 $798   $19,693             $1,132            $20,825



       Marine Systems                                                                                                          30,530                9,288    39,818              9,560             49,378



       Combat Systems                                                                                                          16,142                  838    16,980              8,647             25,627



       Technologies                                                                                                             9,577                4,529    14,106             34,029             48,135


                                    Total                                                                                      $75,144              $15,453   $90,597            $53,368           $143,965


                                                     Third Quarter 2024:

    ---


       Aerospace                                                                                                              $18,859                 $937   $19,796               $254            $20,050



       Marine Systems                                                                                                          29,008               11,463    40,471              9,578             50,049



       Combat Systems                                                                                                          17,289                  682    17,971              8,016             25,987



       Technologies                                                                                                             9,794                4,602    14,396             27,093             41,489


                                    Total                                                                                      $74,950              $17,684   $92,634            $44,941           $137,575


                                                     Fourth Quarter 2023:

    ---


       Aerospace                                                                                                              $19,557                 $897   $20,454               $451            $20,905



       Marine Systems                                                                                                          30,141               15,755    45,896              3,647             49,543



       Combat Systems                                                                                                          13,816                  721    14,537              6,236             20,773



       Technologies                                                                                                             8,961                3,779    12,740             28,011             40,751


                                    Total                                                                                      $72,475              $21,152   $93,627            $38,345           $131,972





       *     The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts


             and unexercised options associated with existing firm contracts, including options and other agreements with existing customers


             to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and


             establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our


             estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of


             potential contract value.


                
              
                EXHIBIT H-1


                
                BACKLOG - (UNAUDITED)
                 
                DOLLARS IN MILLIONS


                                
              
                EXHIBIT H-2



                           
               BACKLOG BY SEGMENT - (UNAUDITED)
                                        DOLLARS IN MILLIONS


          
              
                EXHIBIT I


     
     FOURTH QUARTER 2024 SIGNIFICANT ORDERS - (UNAUDITED)
          
                DOLLARS IN MILLIONS

We received the following significant contract awards during the fourth quarter of 2024:

Marine Systems:

    --  $880 from the U.S. Navy for long-lead materials for Block V
        Virginia-class submarines.
    --  $375 from the Navy for lead yard services, development studies and
        design efforts for Virginia-class submarines.
    --  $350 from the Navy for long-lead materials for Block VI Virginia-class
        submarines.
    --  $245 from the Navy for procurement and delivery of initial
        Virginia-class spare parts to support maintenance availabilities.
    --  $230 from the Navy to provide engineering, technical, design and
        planning yard support services for operational strategic and attack
        submarines.
    --  $80 from the Navy for maintenance and modernization work on the USS
        Hartford, a Los Angeles-class submarine.

Combat Systems:

    --  $505 for various munitions and ordnance. These contracts have a maximum
        potential value of $820.
    --  $370 from the U.S. Army for the production of 155mm artillery projectile
        metal parts.
    --  $65 to provide configuration changes for Canadian light armored vehicles
        (LAV).
    --  $50 to produce launch pod containers for the Guided Multiple Launch
        Rocket System (GMLRS) for the Army.

Technologies:

    --  $50 from the U.S. Air Force to modernize, integrate and operate the
        Department of Defense's Mission Partner Environments (MPEs), enabling
        the military and its partners to securely communicate and share
        real-time information at multiple levels of classification. The contract
        has a maximum potential value of $5.6 billion.
    --  A contract from the U.S. Space Force to provide sustainment services for
        the Mobile User Objective System (MUOS) satellite communications system.
        The contract has a maximum potential value of $2.2 billion.
    --  $305 for several key contracts for classified customers. These contracts
        including options have a maximum potential value of $1.4 billion.
    --  $140 from the Navy to manufacture and test various components for MK54
        torpedoes and for general engineering services. The contract including
        options has a maximum potential value of $810.
    --  $280 for two awards from the New York State Department of Health to
        operate and modernize the state's health insurance exchange and to
        support and enhance the state's Medicaid Management Information System.
        These contracts including options have a maximum potential value of
        $480.
    --  $115 from the Department of Veteran Affairs (VA) under the Veterans
        Intake, Conversion and Communications Services (VICCS) program to
        digitally convert historical veteran records and automate data
        extraction of existing records. The contract including options has a
        maximum potential value of $345.
    --  A contract from the VA to provide information technology (IT) support
        services to more than 600,000 VA personnel at all VA locations
        nationwide. The contract including options has a maximum potential value
        of $230.


    --  $155 from the National Geospatial-Intelligence Agency (NGA) to provide
        hybrid cloud services and IT design, engineering, and operations and
        sustainment services.

                                                                                                                                                                   
              
                EXHIBIT J



                                                                                                                                         
              
          AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)

                                                                                                                                                         
              
                DOLLARS IN MILLIONS




                                                                                                                                       Fourth Quarter                                                Twelve Months


                                                                                                                                       2024             2023                                               2024       2023


                                                     Gulfstream Aircraft Deliveries (units):

    ---


       Large-cabin aircraft                                                                                                             42               32                                                118         89



       Mid-cabin aircraft                                                                                                                5                7                                                 18         22



       
                
                  Total                                                                                                47               39                                                136        111




                                                     Aerospace Book-to-Bill:

    ---


       Orders*                                                                                                                      $3,814           $3,164                                            $11,278    $10,283



       Revenue                                                                                                                       3,743            2,744                                             11,249      8,621



       
                
                  Book-to-Bill Ratio                                                                                 1.0x            1.2x                                              1.0x      1.2x





       *     Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog


             adjustments.

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SOURCE General Dynamics