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GENERAL DYNAMICS UP 15%

17 Jul 02. General Dynamics (NYSE: GD – News) reported 2002 second quarter net earnings of $263m, or $1.29 per share on a fully diluted basis, on sales of $3.5bn, (2001: $227m, or $1.12 per share, on sales of $3bn). Cash from business units for the 2002 second quarter totalled $300m. The quarter ended on June 30, 2002.

For the first six months of 2002, sales were $6.6bn, (2001: $5.6bn). Half year 2002 net earnings were $492m , or $2.42 per share on a fully diluted basis. This is a per-share increase of 12 percent, (2001: $439m, or $2.17).

“This was another solid quarter, paced by especially good performance in our Information Systems and Technology group as well as in the Combat Systems group. At the mid-year mark, we remain on course with respect to our prior guidance for the year,” said General Dynamics Chairman and CEO Nicholas D. Chabraja. “We ended the first half of the year with a funded backlog of $20.5bn, and a total backlog of $25.5bn,” Chabraja said.

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