Benzinga | Oct 27, 2021 08:23AM EDT

General Dynamics Q3 Earnings Beat Estimates, Backlog Up 8.1%

* General Dynamics Corp (NYSE:GD) reported third-quarter FY21 revenue growth of 1.5% year-over-year to $9.57 billion, missing the consensus of $9.84 billion.

* Sales by segments: Aerospace $2.07 billion (+4.6% Y/Y), Marine Systems $2.64 billion (+9.6% Y/Y), Combat Systems $1.75 billion (-3.1% Y/Y) and Technologies $3.12 billion (-4% Y/Y).

* EPS improved by 5.9% Y/Y to $3.07, beating the consensus of $2.98.

* The operating earnings increased by 0.7% Y/Y to $1.08 billion, and the margin contracted by 10 bps to 11.3%.

* General Dynamics generated cash from operating activities year-to-date of $2.59 billion, compared to $1.29 billion a year ago, and free cash flow of $2.09 billion.

* At the end of Q3, the company's backlog was $88.1 billion, up 8.1% Y/Y.

* Orders in the Aerospace segment were strong, with the backlog up 22.8% Y/Y to $14.7 billion.

* The total estimated contract value, the sum of all backlog components, was $129.6 billion at the end of the quarter.

* The company held cash and equivalents of $3.14 billion, and the Debt-to-capital ratio was 46.5% as of October 3, 2021.

* Price action: GD shares are trading higher by 0.08% at $204.75 during the premarket session on Wednesday.