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General Dynamics Corp GD

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General Dynamics Posts Strong First Quarter and We're Raising Our Fair Value Estimate to $189

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Wide-moat General Dynamics reported a strong first quarter that beat FactSet consensus sales by 5.7% and EPS by 7.8% as it focuses on executing on the G700 entry to service and the Columbia class submarine. EPS grew 2.1% to $2.49. We are increasing our fair value estimate by about 2% to $189 per share as we incorporate a somewhat higher revenue forecast into our model, and we think shares are fairly valued.

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Company Profile

Business Description

General Dynamics is a long-cycle defense contractor and business jet manufacturer. The firm’s segments include aerospace, combat systems, marine, information technology, and mission systems. The company’s aerospace segment creates Gulfstream business jets. Combat systems mostly produces land-based combat vehicles, such as the M1 Abrams tank. The marine subsegment creates nuclear-powered submarines, among other things. The information technology business primarily serves the government market. The mission systems segment focuses on products that provide command, control, computers, intelligence, surveillance, and reconnaissance capabilities to the military.

11011 Sunset Hills Road
Reston, VA, 20190
T +1 703 876-3000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 100,700