General Dynamics (GD) FY2011 results: revenue $32.7 billion, up 0.6% on the year
General Dynamics Corp. (GD) reported revenue of $32.7 billion for fiscal 2011, the year ended 31 December 2011, up 0.6% on the year before. Net income was $2.5 billion, down 3.7%, and diluted earnings per share $6.87. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$32.7 billion
+0.6% on the year
FY2007FY2011
Operating margin
11.7%
12.2% a year earlier
FY2007FY2011
Net income
$2.5 billion
-3.7% on the year
FY2007FY2011
Diluted EPS
$6.87
+0.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
32,677
32,466
31,981
+0.6%
Cost of revenue
26,821
26,557
26,352
+1.0%
Gross profit
5,856
5,909
5,629
-0.9%
Gross margin
17.9%
18.2%
17.6%
Research and development
1,539
1,204
925
+27.8%
Operating income
3,826
3,945
3,675
-3.0%
Operating margin
11.7%
12.2%
11.5%
Interest expense
155
167
171
-7.2%
Pre-tax income
3,718
3,790
3,513
-1.9%
Income tax
1,166
1,162
1,106
+0.3%
Effective tax rate
31.4%
30.7%
31.5%
Net income
2,526
2,624
2,394
-3.7%
Net margin
7.7%
8.1%
7.5%
Diluted EPS
$6.87
$6.81
$6.17
+0.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,238
2,986
2,855
+8.4%
Capital expenditure
458
370
385
+23.8%
Free cash flow
2,780
2,616
2,470
+6.3%
Free cash flow margin
8.5%
8.1%
7.7%
Cash from investing
-1,974
-408
-1,392
Cash from financing
-1,201
-2,226
-806
Depreciation and amortisation
592
569
562
+4.0%
Share-based compensation
128
118
117
+8.5%
Buybacks
1,468
1,185
209
+23.9%
Dividends paid
673
631
577
+6.7%
Diluted shares, weighted
368m
385m
388m
-4.6%
Shares outstanding at period end
356m
372m
386m
-4.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
13,232
13,316
12,423
-0.6%
Debt
3,930
3,203
3,159
+22.7%
Other liabilities
17,721
16,026
15,495
+10.6%
Total liabilities and equity
34,883
32,545
31,077
+7.2%
Fixed assets
3,284
2,971
2,912
+10.5%
Goodwill
13,576
12,649
12,269
+7.3%
Intangible assets
1,813
1,992
2,098
-9.0%
Cash and equivalents
2,649
2,613
2,263
+1.4%
Receivables
4,429
3,848
3,678
+15.1%
Inventory
2,310
2,158
2,126
+7.0%
Other assets
6,822
6,314
5,731
+8.0%
Total assets
34,883
32,545
31,077
+7.2%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.