General Dynamics Corporation (NYSE:GD) Q3 2024 Earnings Conference Call October 23, 2024 9:00 AM ET

Company Participants

Nicole Shelton - VP, IR
Phebe N. Novakovic - Chairman and CEO
Kimberly A. Kuryea - SVP and CFO

Conference Call Participants

Seth Seifman - J.P. Morgan Chase
Robert Stallard - Vertical Research
Myles Walton - Wolfe Research
David Strauss - Barclays Bank
Peter Arment - Robert W. Baird
Ronald Epstein - Bank of America
Kenneth Herbert - RBC Capital Markets
Douglas Harned - Sanford C. Bernstein
Gautam Khanna - TD Cowen
Gavin Parsons - UBS Investment Bank
Jason Gursky - Citigroup Inc.
Scott Deuschle - Deutsche Bank

Operator

Good morning, and welcome to the General Dynamics Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

Nicole Shelton

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics third quarter 2024 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 reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website, investorrelations.gd.com. On the call today are Phebe Novakovic, Chairman and Chief Executive Officer; and Kim Kuryea, Chief Financial Officer. I will now turn the call over to Phebe.

Phebe N. Novakovic

Thank you Nicole. Good morning everyone and thanks for being with us. Earlier this morning we have reported earnings of $3.35 per diluted share on revenue over 11.67 billion, operating earnings of 1.18 billion and net income of 930 million. Across the company revenue increased 1.1 billion, a strong 10.4% led by a 22% increase from our Aerospace segment and a 20% increase in Marine Systems. We enjoyed revenue increases at three of our four business segments compared to the year ago quarter, only Combat Systems is flat. This is strong growth by any reasonable standard. Importantly operating earnings of 1.18 billion are up 124 million or 11.7%. Similarly, net earnings increased 94 million or 11.2% and earnings per share are up $0.31 or 10.2% over the year ago quarter.