General Dynamics (GD) FY2014 results: revenue $30.9 billion, down 0.3% on the year
General Dynamics Corp. (GD) reported revenue of $30.9 billion for fiscal 2014, the year ended 31 December 2014, down 0.3% on the year before. Net income was $2.5 billion, up 7.5%, and diluted earnings per share $7.42. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2015.
Revenue
$30.9 billion
-0.3% on the year
FY2007FY2014
Operating margin
12.6%
11.9% a year earlier
FY2007FY2014
Net income
$2.5 billion
+7.5% on the year
FY2007FY2014
Diluted EPS
$7.42
+11.2% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
30,852
30,930
30,992
-0.3%
Cost of revenue
24,979
25,454
28,404
-1.9%
Gross profit
5,873
n/a
n/a
Gross margin
19.0%
n/a
n/a
Research and development
n/a
n/a
1,607
Operating income
3,889
3,685
765
+5.5%
Operating margin
12.6%
11.9%
2.5%
Interest expense
103
103
168
0.0%
Pre-tax income
3,802
3,607
473
+5.4%
Income tax
1,129
1,125
854
+0.4%
Effective tax rate
29.7%
31.2%
180.5%
Net income
2,533
2,357
-332
+7.5%
Net margin
8.2%
7.6%
-1.1%
Diluted EPS
$7.42
$6.67
-$0.94
+11.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,728
3,106
2,606
+20.0%
Capital expenditure
521
436
436
+19.5%
Free cash flow
3,207
2,670
2,170
+20.1%
Free cash flow margin
10.4%
8.6%
7.0%
Cash from investing
-1,102
-363
-642
Cash from financing
-3,575
-725
-1,382
Depreciation and amortisation
496
525
590
-5.5%
Share-based compensation
128
120
114
+6.7%
Buybacks
3,382
740
602
+357.0%
Dividends paid
822
591
893
+39.1%
Diluted shares, weighted
341m
353m
353m
-3.4%
Shares outstanding at period end
332m
353m
354m
-6.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
11,829
14,501
11,390
-18.4%
Debt
3,911
3,909
3,909
+0.1%
Other liabilities
19,615
17,038
19,010
+15.1%
Total liabilities and equity
35,355
35,448
34,309
-0.3%
Fixed assets
3,329
3,359
3,403
-0.9%
Goodwill
11,731
11,932
12,003
-1.7%
Intangible assets
912
1,044
1,383
-12.6%
Trading assets
0.0
n/a
n/a
Cash and equivalents
4,388
5,301
3,296
-17.2%
Receivables
4,050
4,370
4,204
-7.3%
Inventory
3,221
2,890
2,776
+11.5%
Other assets
7,724
6,552
7,244
+17.9%
Total assets
35,355
35,448
34,309
-0.3%
10-K for the year ended 31 December 2014, filed 9 February 2015: the filing.