General Dynamics Posts Record Q3 Revenue, Earnings and Backlog; Shares Rise 2.7% Pre-Market

General Dynamics (GD) reported record third-quarter revenue, earnings and backlog, with net income rising 16.1% to $1.23 billion and diluted EPS up 15.7% to $4.49 from $3.88 a year earlier. Shares rose 2.71% to $381.34 in pre-market NYSE trading. Revenue increased 12.9% to $14.57 billion from $12.91 billion. Operating earnings rose 14.7% to $1.53 billion. By segment, Aerospace revenue grew 9% with backlog up 23% year-over-year; Combat Systems revenue rose 6% with backlog up 53%; Marine Systems revenue climbed 21% on higher volume across all shipyards; and Technologies revenue gained 11% with backlog up 15%. Backlog at quarter-end totaled $220.3 billion, with estimated potential contract value of $50.4 billion. The company held $4.4 billion in cash and equivalents against $7 billion in total debt.