General Dynamics: Rüstungsgigant im Aufwärtstrend - 500 Beiträge pro Seite

[ralf-norbert]

Hallo,

wer hat sonst noch dieses US-Rüstungsunternehmen im Portfolio? Momentan überschlagen sich ja die guten Mitteilungen.

Alles was man für Geld kaufen kann, ist billig!

Ralf-Norbert

[sampler]

Antwort auf Beitrag Nr.: 32.120.106 von ralf-norbert am 23.10.07 14:18:29

Ich würde lieber in FORCE PROTECTION investieren, da das Kurspotential enorm höher ist!

FORCE PROTECTION haben einen so hohen Auftragsbestand, dass sie an GD abgeben müssen

Im Moment gibt es Einstiegskurse!!!!!

sampler

[ralf-norbert]

Hier kommen gerade die sehr guten Q3-Zahlen rein:


General Dynamics has just distributed the following news release.
Title: General Dynamics Reports Strong Sales, Earnings Growth in Third Quarter 2007

Date: 10/24/2007 7:30:00 AM

GENERAL DYNAMICS
<pre>
- Sales increase 12.6 percent

- EPS from Continuing Operations grows 24.1 percent

- Full-year EPS guidance increased
</pre>

FALLS CHURCH, Va., Oct. 24 /PRNewswire-FirstCall/ -- General Dynamics
(NYSE: GD) today reported 2007 third-quarter earnings from continuing operations of $544 million, or $1.34 per share on a fully diluted basis, compared to 2006 third-quarter earnings from continuing operations of $440 million, or $1.08 per share fully diluted. Revenues rose to $6.8 billion in the quarter, a 12.6 percent increase over third-quarter 2006 revenues of
$6.1
billion.

Cash

Net cash provided by operating activities from continuing operations was
$954 million for the third quarter, while free cash flow from operations, defined as net cash provided by operating activities from continuing operations less capital expenditures, was $826 million. For the first nine months of 2007, net cash provided by operating activities from continuing operations was $1.9 billion and free cash flow from operations was $1.6 billion.

Backlog

Funded backlog at the end of the third quarter 2007 was $36.9 billion, and total backlog was $46.5 billion, compared to $35.4 billion and $44.6 billion, respectively, at the end of the second quarter 2007.

Margins

Company-wide operating margins for the third quarter of 2007 were 11.7 percent, a 50-basis point improvement compared to the third quarter of 2006.

Net Earnings

Net earnings, including the results of discontinued operations, were
$546
million for third-quarter 2007, or $1.34 per share on a fully diluted basis.
Third-quarter 2006 net earnings including discontinued operations were $438 million, or $1.08 per share fully diluted.

Operational Highlights

General Dynamics' Aerospace and Combat Systems business groups demonstrated robust growth of sales and operating earnings in the quarter, highlighting the demand for long-range, large-cabin business-jet aircraft and combat vehicles worldwide. Substantial new orders in the Information Systems and Technology and Marine Systems groups, in addition to continued strong orders in Aerospace and Combat Systems, increased funded backlog by $1.5 billion and total backlog by nearly $2 billion over the second quarter.

"General Dynamics' performance in the third quarter of 2007 was very strong," said company Chairman and Chief Executive Officer Nicholas D.
Chabraja. "Revenue and earnings grew substantially over the year-ago period and significant orders in all four business groups contributed to the strength of the backlog. The Information Systems and Technology group continues to maintain its double-digit margin rate, and Marine Systems once again has demonstrated margin improvement year-over-year. Free cash flow from operations in the quarter of $826 million, or 152 percent of earnings from continuing operations, represents a very efficient conversion of earnings into cash.

"These results demonstrate that our focus on performance, free cash generation and disciplined capital deployment continues to create value for our shareholders, as it has over the past 10 years," Chabraja said. "On the basis of this quarter's results and a refined understanding of how the company's business sectors will perform for the remainder of the year, we now expect full-year 2007 earnings from continuing operations to be in the range of $5.00 to $5.05 per share, fully diluted," Chabraja said.

General Dynamics, headquartered in Falls Church, Va., employs approximately 83,000 people worldwide, and expects 2007 revenues of approximately $27 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.
Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K and our Forms 10-Q.

All forward-looking statements speak only as of the date they were made.
The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION: General Dynamics will webcast its third-quarter securities analyst conference call, scheduled for 11:30 a.m. Eastern time on Wednesday, Oct. 24, 2007. Those accessing the webcast will be able to listen to management's discussion of the third-quarter results, as well as the question-and-answer session with securities analysts.

The webcast will be a listen-only audio broadcast, available at www.generaldynamics.com. A Real Audio(TM) player or Windows Media(TM) player is required to access the webcast; information about downloading those players is available on the company's website. An on-demand replay of the webcast will be available by 3 p.m. on Oct. 24 and will continue to be available for
12 months.

A recording of the conference call will be available by telephone by calling 888-286-8010; passcode 86588387. International callers should dial 617-224-4326. The telephone replay will be available from 3 p.m. on Oct. 24 until midnight on Oct. 31, 2007.
<pre>


CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Third Quarter Variance
2007 2006 $ %

NET SALES $6,834 $6,069 $765 12.6 %
OPERATING COSTS AND EXPENSES 6,033 5,392 (641)

OPERATING EARNINGS 801 677 124 18.3 %

Interest, Net (12) (34) 22
Other, Net 2 1 1

EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 791 644 147 22.8 %

Provision for Income Taxes 247 204 (43)

EARNINGS FROM CONTINUING OPERATIONS $544 $440 $104 23.6 %

Discontinued Operations, Net of Tax 2 (2) 4

NET EARNINGS $546 $438 $108 24.7 %

EARNINGS PER SHARE - BASIC
Continuing Operations $1.35 $1.09 $0.26 23.9 %
Discontinued Operations $- $- $-
Net Earnings $1.35 $1.09 $0.26 23.9 %

BASIC WEIGHTED AVERAGE
SHARES OUTSTANDING (IN MILLIONS) 403.7 403.7

EARNINGS PER SHARE - DILUTED
Continuing Operations $1.34 $1.08 $0.26 24.1 %
Discontinued Operations $- $- $-
Net Earnings $1.34 $1.08 $0.26 24.1 %

DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING (IN MILLIONS) 407.3 407.2



CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Nine Months Variance
2007 2006 $ %

NET SALES $19,725 $17,549 $2,176 12.4 %
OPERATING COSTS AND EXPENSES 17,483 15,627 (1,856)

OPERATING EARNINGS 2,242 1,922 320 16.6 %

Interest, Net (59) (74) 15
Other, Net 4 3 1

EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 2,187 1,851 336 18.2 %

Provision for Income Taxes 685 604 (81)

EARNINGS FROM CONTINUING OPERATIONS $1,502 $1,247 $255 20.4 %

Discontinued Operations, Net of Tax (9) 201 (210)

NET EARNINGS $1,493 $1,448 $45 3.1 %

EARNINGS PER SHARE - BASIC
Continuing Operations $3.71 $3.09 $0.62 20.1 %
Discontinued Operations $(0.02) $0.50 $(0.52)
Net Earnings $3.69 $3.59 $0.10 2.8 %

BASIC WEIGHTED AVERAGE
SHARES OUTSTANDING (IN MILLIONS) 404.8 402.9

EARNINGS PER SHARE - DILUTED
Continuing Operations $3.67 $3.07 $0.60 19.5 %
Discontinued Operations $(0.02) $0.49 $(0.51)
Net Earnings $3.65 $3.56 $0.09 2.5 %

DILUTED WEIGHTED AVERAGE
SHARES OUTSTANDING (IN MILLIONS) 408.6 406.2



NET SALES AND OPERATING EARNINGS BY SEGMENT (UNAUDITED)
DOLLARS IN MILLIONS

Third Quarter Variance
2007 2006 $ %
NET SALES:
AEROSPACE $1,315 $1,087 $228 21.0 %
COMBAT SYSTEMS 1,872 1,365 507 37.1 %
MARINE SYSTEMS 1,246 1,221 25 2.0 %
INFORMATION SYSTEMS AND
TECHNOLOGY 2,401 2,396 5 0.2 %
TOTAL $6,834 $6,069 $765 12.6 %

OPERATING EARNINGS:
AEROSPACE $226 $165 $61 37.0 %
COMBAT SYSTEMS 228 164 64 39.0 %
MARINE SYSTEMS 110 102 8 7.8 %
INFORMATION SYSTEMS AND
TECHNOLOGY 254 258 (4) (1.6)%
CORPORATE (17) (12) (5) (41.7)%
TOTAL $801 $677 $124 18.3 %

OPERATING MARGINS:
AEROSPACE 17.2 % 15.2 %
COMBAT SYSTEMS 12.2 % 12.0 %
MARINE SYSTEMS 8.8 % 8.4 %
INFORMATION SYSTEMS AND
TECHNOLOGY 10.6 % 10.8 %
TOTAL 11.7 % 11.2 %



NET SALES AND OPERATING EARNINGS BY SEGMENT (UNAUDITED)
DOLLARS IN MILLIONS

Nine Months Variance
2007 2006 $ %
NET SALES:
AEROSPACE $3,617 $3,083 $534 17.3
%
COMBAT SYSTEMS 5,152 4,178 974 23.3
%
MARINE SYSTEMS 3,775 3,762 13 0.3
%
INFORMATION SYSTEMS AND
TECHNOLOGY 7,181 6,526 655 10.0
%
TOTAL $19,725 $17,549 $2,176 12.4
%

OPERATING EARNINGS:
AEROSPACE $598 $476 $122 25.6
%
COMBAT SYSTEMS 593 483 110 22.8
%
MARINE SYSTEMS 320 291 29 10.0
%
INFORMATION SYSTEMS AND
TECHNOLOGY 773 710 63 8.9
%
CORPORATE (42) (38) (4)
(10.5)%
TOTAL $2,242 $1,922 $320 16.6
%

OPERATING MARGINS:
AEROSPACE 16.5 % 15.4 %
COMBAT SYSTEMS 11.5 % 11.6 %
MARINE SYSTEMS 8.5 % 7.7 %
INFORMATION SYSTEMS AND
TECHNOLOGY 10.8 % 10.9 %
TOTAL 11.4 % 11.0 %



PRELIMINARY CONSOLIDATED BALANCE SHEET (UNAUDITED)
DOLLARS IN MILLIONS
September 30, December
31,
2007 2006
ASSETS
Current Assets:
Cash and equivalents $2,033 $1,604
Accounts receivable 2,432 2,341
Contracts in process 4,192 3,988
Inventories 1,556 1,484
Other current assets 674 463
Total Current Assets 10,887 9,880

Noncurrent Assets:
Property, plant and equipment, net 2,364 2,168
Intangible assets, net 1,028 1,184
Goodwill 8,920 8,541
Other assets 684 603
Total Noncurrent Assets 12,996 12,496
$23,883 $22,376
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt and current portion
of long-term debt $656 $7
Accounts payable 1,926 1,956
Customer advances and deposits 2,877 2,949
Other current liabilities 2,878 2,912
Total Current Liabilities 8,337 7,824

Noncurrent Liabilities:
Long-term debt 2,140 2,774
Other liabilities 2,496 1,951
Commitments and contingencies
Total Noncurrent Liabilities 4,636 4,725

Shareholders' Equity:
Common stock 482 482
Surplus 1,052 880
Retained earnings 10,917 9,769
Treasury stock (1,892)
(1,455)
Accumulated other comprehensive
income 351 151
Total Shareholders' Equity 10,910 9,827
$23,883 $22,376



PRELIMINARY CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
DOLLARS IN MILLIONS

Nine Months Ended
September 30, October
1,
Cash Flows from Operating Activities: 2007 2006
Net earnings $1,493
$1,448
Adjustments to reconcile net
earnings to net cash provided by
operating activities:
Depreciation 201
179
Amortization 111
95
Stock-based compensation expense 64
46
Excess tax benefit from
stock-based compensation (33)
(35)
Deferred income tax provision 50
30
Discontinued operations, net of tax 9
(201)
(Increase) decrease in assets, net of
effects of business acquisitions:
Accounts receivable (79)
31
Contracts in process (119)
(245)
Inventories (70)
(153)
Increase (decrease) in liabilities,
net of effects of business
acquisitions:
Accounts payable (52)
(145)
Customer advances and deposits 336
211
Other, net (30)
71
Net Cash Provided by Operating
Activities from Continuing
Operations 1,881
1,332
Net Cash Used by Discontinued
Operations - Operating Activities (23)
(5)
Net Cash Provided by Operating
Activities 1,858
1,327

Cash Flows from Investing Activities:
Business acquisitions, net of cash
acquired (299)
(2,318)
Capital expenditures (294)
(197)
Purchases of available-for-sale
securities (511)
(51)
Sales/maturities of available-for-
sale securities 298
35
Other, net 93
(155)
Discontinued operations 23
298
Net Cash Used by Investing Activities (690)
(2,388)

Cash Flows from Financing Activities:
Purchases of common stock (466)
(85)
Dividends paid (328)
(266)
Proceeds from option exercises 128
192
Excess tax benefit from stock-based
compensation 33
35
Repayment of fixed-rate notes
- (500)
Net proceeds from commercial paper
- 319
Other, net (106)
(2)
Net Cash Used by Financing Activities (739)
(307)

Net Increase (Decrease) in Cash and
Equivalents 429
(1,368)
Cash and Equivalents at Beginning of
Period 1,604
2,331
Cash and Equivalents at End of Period $2,033
$963



PRELIMINARY FINANCIAL INFORMATION (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS

Third Quarter Third Quarter
2007 2006
Non-GAAP Financial Measures:
Free Cash Flow from Operations:
Net Cash Provided by Year-to- Year-
to-
Operating Activities Quarter date Quarter
date
from Continuing Operations $954 $1,881 $520
$1,332
Capital Expenditures (128) (294) (80)
(197)
Free Cash Flow from
Operations (A) $826 $1,587 $440
$1,135

Return on Invested Capital:
Earnings from Continuing
Operations $1,965 $1,645
After-Tax Interest Expense 93 107
After-Tax Amortization
Expense 102 81
Net Operating Profit after
Taxes 2,160 1,833
Average Debt and Equity 13,034 11,952
Return on Invested Capital (B) 16.6% 15.3%

Other Financial Information:
Debt-to-Equity (C) 25.6% 32.8%

Debt-to-Capital (D) 20.4% 24.7%

Book Value per Share (E) $27.12 $23.42

Total Taxes Paid $238 $241

Company Sponsored R&D (F) $113 $100

Employment 83,000 81,100

Sales Per Employee (G) $319,500 $309,900

Shares Outstanding 402,264,076 404,430,136

(A) The company's management believes free cash flow from operations is a
measurement that is useful to investors, because it portrays the
company's ability to generate cash from its core businesses for such
purposes as repaying maturing debt, funding business acquisitions and
paying dividends. The company uses free cash flow from operations to
assess the quality of its earnings and as a performance measure in
evaluating management. The most directly comparable GAAP measure to
free cash flow from operations is net cash provided by operating
activities from continuing operations.
(B) The company's management believes return on invested capital is a
measurement that is useful to investors, because it reflects the
company's ability to generate returns from the capital it has deployed
in its operations. The company uses ROIC to evaluate investment
decisions and as a performance measure in evaluating management. The
company defines ROIC as net operating profit after taxes for the
latest 12-month period divided by the sum of the average debt and
shareholders' equity for the same period. Net operating profit after
taxes is defined as earnings from continuing operations plus after- tax
interest and amortization expense. The most directly comparable GAAP
measure to net operating profit after taxes is earnings from
continuing operations.
(C) Debt-to-equity ratio is calculated as total debt divided by total
equity as of the end of the period.
(D) Debt-to-capital ratio is calculated as total debt divided by the sum
of total debt plus total equity as of the end of the period.
(E) Book value per share is calculated as total equity divided by total
outstanding shares as of the end of the period.
(F) Includes independent research and development and bid and proposal
costs and Gulfstream product development costs.
(G) Sales per employee is calculated by dividing net sales for the latest
12-month period by the company's average number of employees during
that period.



BACKLOG (UNAUDITED)
DOLLARS IN MILLIONS


Estimated Total
Potential Estimated
Total Contract
Contract
Third Quarter 2007 Funded Unfunded Backlog Value*
Value
AEROSPACE $10,241 $687 $10,928 $964
$11,892
COMBAT SYSTEMS 11,371 2,195 13,566 2,083
15,649
MARINE SYSTEMS 8,106 4,641 12,747 2,601
15,348
INFORMATION SYSTEMS AND
TECHNOLOGY 7,184 2,123 9,307 9,496
18,803
TOTAL $36,902 $9,646 $46,548 $15,144
$61,692

Second Quarter 2007
AEROSPACE $9,427 $708 $10,135 $964
$11,099
COMBAT SYSTEMS 10,712 2,131 12,843 1,785
14,628
MARINE SYSTEMS 8,290 4,376 12,666 236
12,902
INFORMATION SYSTEMS AND
TECHNOLOGY 6,980 1,971 8,951 8,031
16,982
TOTAL $35,409 $9,186 $44,595 $11,016
$55,611

Third Quarter 2006
AEROSPACE $6,500 $580 $7,080 $1,749
$8,829
COMBAT SYSTEMS 9,213 1,985 11,198 1,387
12,585
MARINE SYSTEMS 8,640 5,751 14,391 1,625
16,016
INFORMATION SYSTEMS AND
TECHNOLOGY 7,344 2,649 9,993 10,537
20,530
TOTAL $31,697 $10,965 $42,662 $15,298
$57,960

* The estimated potential contract value represents management's estimate
of the company's future contract value under indefinite delivery,
indefinite quantity (IDIQ) contracts and unexercised options associated
with existing firm contracts. Because the value in the IDIQ arrangements
is subject to the customer's future exercise of an indeterminate quantity
of delivery orders, the company recognizes these contracts in backlog only
when they are funded. Unexercised options are recognized in backlog when
the customer exercises the options and establishes a firm order.



THIRD QUARTER 2007 SIGNIFICANT ORDERS (UNAUDITED)
DOLLARS IN MILLIONS </pre>

General Dynamics received the following significant contract orders during the third quarter of 2007:
<pre>
Combat Systems
-- Combined orders worth $480 from the U.S. Army under the Abrams M1A2
System Enhancement Package (SEP) program to retrofit, upgrade or reset
approximately 470 vehicles.
-- $336 from the U.S. Marine Corps for 600 RG-31 Category II vehicles
under the Mine Resistant Ambush Protected (MRAP) vehicle program.
-- Combined orders worth $137 from the Army to continue performing
contractor logistics support for the Stryker program.
-- $120 from the Army for 1,000 Stryker wheeled combat vehicle hull-
protection kits.
-- $108 from the Army for reactive armor production for the Bradley
Fighting Vehicle.

Marine Systems
-- $116 contract modification from the U.S. Navy for Virginia-class
submarine lead-yard services, development studies and design efforts.
This modification has a potential value of over $650.
-- The company reached an agreement with the Navy on the terms of the
award of up to five additional ships, ships 10 through 14, under the
T-
AKE combat logistics ship program. The company was subsequently awarded
$100 from the Navy to purchase long-lead materials for the construction
of the tenth T-AKE ship.

Information Systems and Technology
-- Combined orders totaling $108 under the U.S. Joint Forces Command's
Joint Experimentation Program (JEXP) to continue to provide
engineering, technical and administrative services for joint concept
development and prototyping.
-- Combined orders totaling $261 under the Intelligence Information,
Command-and-Control Equipment and Enhancements (ICE2) program, bringing
the total contract value to date to over $2.2 billion.
-- Contract modifications from the Army valued at up to $921 to continue
development of the Warfighter Information Network-Tactical (WIN-T)
system. Under WIN-T Increment Two, valued at $126, the company will
develop an initial on-the-move broadband networking capability using
satellite and radio links. Under WIN-T Increment Three, valued at $795,
the company will continue development of WIN-T components.
-- $24 from the Army to provide satellite communications terminals and
support services for the Joint Network Node (JNN) network program. If
all options are exercised, the contract has a potential value of over
$700.
-- $23 to provide information technology (IT) support services to the U.S.
Senate. This contract has a potential value of approximately $300.
-- The company was awarded one of 29 General Services Administration
(GSA)
Alliant contracts to provide federal government agencies with
infrastructure, application and IT management services. Alliant is an
IDIQ program with a $50 billion ceiling among all awardees over a 10-
year period.



AIRCRAFT DELIVERIES (UNAUDITED)

Third Quarter Nine Months
2007 2006 2007 2006
GREEN (UNITS):
LARGE AIRCRAFT 21 18 60 52
MID-SIZE AIRCRAFT 16 11 43 31
TOTAL 37 29 103 83

COMPLETIONS (UNITS):
LARGE AIRCRAFT 22 18 62 54
MID-SIZE AIRCRAFT 13 8 39 21
TOTAL 35 26 101 75

PRE-OWNED:
UNITS 3 2 8 10

SALES (millions) $35 $54 $78 $204

OPERATING EARNINGS (millions) $4 $4 $6 $17

AEROSPACE MARGINS EXCLUDING
PRE-OWNED ACTIVITY 17.3% 15.6% 16.7% 15.9%
</pre>
<pre>
SOURCE General Dynamics
-0- 10/24/2007
/CONTACT: Rob Doolittle, [phone], Fax: [phone], [e-mail] /
/Web site: http://www.generaldynamics.com /
(GD)

CO: General Dynamics
ST: Virginia
IN: ARO
SU: ERN CCA

BS-JK
-- NEW030 --
4645 10/24/2007 07:30 EDT http://www.prnewswire.com </pre>

[ralf-norbert]

Antwort auf Beitrag Nr.: 32.120.521 von sampler am 23.10.07 14:53:08

Hallo Sampler,

das werde ich in mein Formulierungslexikon aufnehmen: "Im Moment gibt es Einstiegskurse" = "Die Aktie sucht immer noch ihren Boden."

Kauf' was Du willst, aber GD spielt da schon in einer ganz anderen Liga...

Alles was man für Geld kaufen kann, ist billig!

Ralf-Norbert