General Dynamics Corp Stock Price, News & Analysis

General Dynamics Information Technology (GDIT) announced a $100 million IT system modernization contract with the Defense Intelligence Agency (DIA) on October 6, 2020. This contract, under the Enhanced Solutions for the Information Technology Enterprise (E-SITE), includes a one-year base period with four additional option years. The contract focuses on enhancing DIA's core IT infrastructure, including system design, testing, and security accreditation. GDIT emphasizes its long-standing partnership with DIA, aiming to support the modernization of the Department of Defense Intelligence Information System.

General Dynamics Land Systems (GDLS) has secured a $1.219 billion contract from the U.S. Army to produce Interim Maneuver Short-Range Air Defense (IM-SHORAD) systems. The initial order includes 28 Stryker IM-SHORAD vehicles valued at $230 million. The IM-SHORAD is designed to counter threats from various aerial systems and enhances the existing capabilities of the Army's Stryker fleet. The project is expected to be completed by September 30, 2025.

General Dynamics Electric Boat secured two U.S. Navy contracts worth $251 million. The first contract, valued at $215.7 million, modifies an existing agreement aimed at providing engineering and technical services for submarines, potentially exceeding $1 billion if all options are utilized. The second contract, totaling $35.3 million, focuses on Reactor Plant Planning Yard services. President Kevin Graney highlighted their commitment to supporting the Navy, enhancing submarine capabilities, and investing in the workforce.

General Dynamics Information Technology (GDIT) has secured a task order valued at $306 million under the Veterans Intake, Conversion, and Communication Services program from the Department of Veterans Affairs. This contract aims to modernize veteran records, enhancing claims processing through the use of managed services and artificial intelligence. GDIT's initiative will expedite the processing of benefits for veterans, including disability and housing claims, thus improving overall efficiency within the Veterans Benefit Administration (VBA).

General Dynamics Missions Systems and Dedrone have announced a strategic partnership aimed at enhancing airspace security through Dedrone's counter-drone technology. This agreement designates General Dynamics as a value-added reseller for Dedrone's counter-unmanned aerial systems (C-UAS) capabilities, alongside a significant equity investment in Dedrone. The collaboration allows General Dynamics to exclusively offer Dedrone's solutions to a global customer base, including defense, civil government, and critical infrastructure sectors.

The Spanish Ministry of Defense awarded a €1.74 billion (USD $2.06 billion) contract to a joint venture including General Dynamics European Land Systems-Santa Bárbara Sistemas (GDELS-SBS) for 348 8x8 Wheeled Combat Vehicles (VCR). GDELS-SBS's share is €733 million (USD $870 million). Deliveries are scheduled over seven years, with plans for approximately 1,000 vehicles. The joint venture aims for at least 70% Spanish industry participation and will generate around 650 direct and 1,100 indirect jobs.

The board of directors of General Dynamics (NYSE: GD) has declared a regular quarterly dividend of $1.10 per share on common stock. This dividend is payable on November 13, 2020, to shareholders recorded by October 9, 2020. General Dynamics, a global aerospace and defense company headquartered in Reston, Virginia, generated $39.4 billion in revenue in 2019 and employs over 100,000 individuals worldwide. The announcement reflects the company's ongoing commitment to returning value to shareholders.

General Dynamics (NYSE: GD) reported strong second-quarter 2020 results, with net earnings of $625 million and revenue of $9.3 billion, leading to a diluted EPS of $2.18. The company successfully delivered 32 aircraft, an increase from 23 in the previous quarter. Cash flow demonstrated significant growth, with $843 million generated from operating activities and $622 million of free cash flow. Backlog rose to $82.7 billion, 22% higher year-over-year, including significant contract awards totaling over $12 billion, strengthening GD's financial outlook.

General Dynamics (NYSE: GD) announced it will webcast its second-quarter 2020 financial results conference call on July 29, 2020, at 9 a.m. EDT. The live event can be accessed through www.gd.com, with a replay available shortly after the presentation. This webcast is part of General Dynamics’ effort to provide timely financial updates to shareholders and the public.