General Dynamics
Q4 2022 Earnings Call
Jan 25, 2023, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and welcome to the General Dynamics Q4 2022 conference call. [Operator instructions] Please note, this event is being recorded. I would now like to turn the call over to Howard Rubel, vice president of investor relations. Please go ahead.
Howard Rubel -- Vice President, Investor Relations
Thank you, operator, and good morning, everyone. Welcome to the General Dynamics fourth quarter and full year 2022 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties.
Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including the reconciliation to comparable GAAP measures, please see the press release and slides that accompany this webcast, which are available on the investor relations page of our website, investorrelations.gd.com. With my introduction complete, I turn the call over to our chairman and chief executive officer, Phebe Novakovic.
Phebe Novakovic -- Chairman and Chief Executive Officer
Thank you, Howard. Good morning, everyone, and thanks for being with us. Earlier this morning, we reported earnings of $3.58 per diluted share on revenue of 10.85 billion, operating earnings of 1.23 billion, and net earnings of 992 million. Revenue is up 559 million or 5.4% against the fourth quarter last year.
Operating earnings are up 41 million or 3.5%. Net earnings are up 40 million or 4.2%. And earnings per share are up $0.19 or 5.6%. So, the quarter-over-quarter results compare very favorably and are, in most respects, consistent with our forecast and sell-side consensus.
The sequential results are even better. Here, we beat last quarter's revenue by 876 million, or 8.8%; operating earnings by 129 million, or 11.7%; net earnings by 19 million, or 10%; and EPS by $0.32, a 9.8% improvement. As promised that it would be, the final quarter is our strongest of the year in both revenue and earnings. In fact, earnings per share, operating margins, net earnings, and return on sales improved quarter over the previous quarter throughout the year.
It was a nice steady progression of sequential improvement. For the full year, we had revenue of 39.4 billion, up 2.4%; net earnings of 3.4 billion, up 4.1%; and earnings per fully diluted share of $12.19, up $0.64, a 5.5% increase. So, overall, the year was also reasonably consistent with our forecasts and modestly better than the sell side. It was a very solid year in a difficult environment.