Name: General Dynamics Corp. (NYSE:GD) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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General Dynamics Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jul 1, 2018	Apr 1, 2018	Dec 31, 2017	Oct 1, 2017	Jul 2, 2017	Apr 2, 2017	Dec 31, 2016	Oct 2, 2016	Jul 3, 2016	Apr 3, 2016	Dec 31, 2015	Oct 4, 2015	Jul 5, 2015	Apr 5, 2015
Products	5,454)	5,505)	4,890)	6,689)	5,789)	5,401)	5,251)	5,977)	4,842)	4,754)	4,576)	5,177)	4,718)	4,654)	4,467)	5,329)	4,844)	4,848)	4,864)	5,091)	5,119)	5,138)	4,932)
Services	3,977)	3,759)	3,859)	4,084)	3,972)	4,154)	4,010)	4,401)	4,252)	4,432)	2,959)	3,100)	2,862)	3,021)	2,974)	2,904)	2,887)	2,817)	2,860)	2,718)	2,875)	2,744)	2,852)
Revenue	9,431)	9,264)	8,749)	10,773)	9,761)	9,555)	9,261)	10,378)	9,094)	9,186)	7,535)	8,277)	7,580)	7,675)	7,441)	8,233)	7,731)	7,665)	7,724)	7,809)	7,994)	7,882)	7,784)
Products	(4,452)	(4,603)	(3,983)	(5,352)	(4,640)	(4,342)	(4,235)	(4,849)	(3,797)	(3,702)	(3,546)	(4,147)	(3,634)	(3,582)	(3,436)	(4,155)	(3,757)	(3,747)	(3,784)	(3,984)	(4,037)	(4,031)	(3,819)
Services	(3,384)	(3,246)	(3,278)	(3,464)	(3,333)	(3,527)	(3,398)	(3,723)	(3,610)	(3,807)	(2,444)	(2,582)	(2,384)	(2,532)	(2,489)	(2,438)	(2,434)	(2,362)	(2,427)	(2,283)	(2,447)	(2,303)	(2,435)
Cost of revenue	(7,836)	(7,849)	(7,261)	(8,816)	(7,973)	(7,869)	(7,633)	(8,572)	(7,407)	(7,509)	(5,990)	(6,729)	(6,018)	(6,114)	(5,925)	(6,593)	(6,191)	(6,109)	(6,211)	(6,267)	(6,484)	(6,334)	(6,254)
Gross profit	1,595)	1,415)	1,488)	1,957)	1,788)	1,686)	1,628)	1,806)	1,687)	1,677)	1,545)	1,548)	1,562)	1,561)	1,516)	1,640)	1,540)	1,556)	1,513)	1,542)	1,510)	1,548)	1,530)
General and administrative (G&A)	(511)	(574)	(547)	(629)	(572)	(596)	(614)	(580)	(552)	(589)	(537)	(514)	(510)	(505)	(481)	(523)	(471)	(486)	(460)	(506)	(476)	(467)	(503)
Operating earnings	1,084)	841)	941)	1,328)	1,216)	1,090)	1,014)	1,226)	1,135)	1,088)	1,008)	1,034)	1,052)	1,056)	1,035)	1,117)	1,069)	1,070)	1,053)	1,036)	1,034)	1,081)	1,027)
Other, net	12)	18)	14)	(4)	(12)	12)	18)	18)	2)	(15)	(21)	1)	2)	—)	—)	—)	2)	1)	10)	2)	2)	—)	3)
Interest, net	(118)	(132)	(107)	(110)	(114)	(119)	(117)	(112)	(114)	(103)	(27)	(27)	(27)	(24)	(25)	(23)	(23)	(23)	(22)	(19)	(23)	(20)	(21)
Earnings from continuing operations before income tax	978)	727)	848)	1,214)	1,090)	983)	915)	1,132)	1,023)	970)	960)	1,008)	1,027)	1,032)	1,010)	1,094)	1,048)	1,048)	1,041)	1,019)	1,013)	1,061)	1,009)
Provision for income tax, net	(144)	(102)	(142)	(194)	(177)	(177)	(170)	(223)	(159)	(184)	(161)	(372)	(263)	(283)	(247)	(287)	(281)	(290)	(311)	(255)	(280)	(309)	(293)
Earnings from continuing operations	834)	625)	706)	1,020)	913)	806)	745)	909)	864)	786)	799)	636)	764)	749)	763)	807)	767)	758)	730)	764)	733)	752)	716)
Discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	(13)	—)	—)	—)	—)	—)	—)	(10)	(84)	—)	(13)	—)	—)	—)	—)
Net earnings	834)	625)	706)	1,020)	913)	806)	745)	909)	851)	786)	799)	636)	764)	749)	763)	797)	683)	758)	717)	764)	733)	752)	716)

Revenue exhibited a period of relative stability between 2015 and 2017, typically fluctuating between 7.4 billion and 8.3 billion US dollars. A significant growth phase occurred starting in 2018, with quarterly revenues escalating to a peak of 10.77 billion US dollars by December 2019. However, a contraction is observed in the first half of 2020, with revenue dipping to 8.75 billion US dollars in March 2020 before beginning a gradual recovery.

Revenue Composition and Growth: The revenue stream is divided between products and services. Product revenue remained the primary driver, showing a marked increase from an average of approximately 5 billion US dollars per quarter in 2015 to a peak of 6.69 billion US dollars in December 2019. Services revenue remained largely stagnant around 2.8 billion to 3.1 billion US dollars until July 2018, at which point it experienced a sharp structural increase, stabilizing between 3.7 billion and 4.4 billion US dollars through 2020.
Profitability and Margin Analysis: Gross profit followed a trajectory similar to total revenue, maintaining a baseline of approximately 1.5 billion US dollars from 2015 through 2017. This figure rose to 1.96 billion US dollars by December 2019. Operating earnings remained resilient, generally staying above 1 billion US dollars per quarter, with a peak of 1.33 billion US dollars in December 2019, though a notable decline to 841 million US dollars was recorded in June 2020.
Expense and Cost Trends: General and administrative expenses showed a gradual upward trend, increasing from approximately 460-500 million US dollars in 2015 to a range of 570-630 million US dollars by 2019. A more dramatic shift is observed in net interest expenses; from April 2015 to April 2018, interest costs were consistently low, averaging 20-27 million US dollars. Starting in July 2018, interest expenses surged to over 100 million US dollars per quarter, suggesting a significant change in the company's debt structure or financing activities.
Net Earnings and Tax Impacts: Net earnings demonstrated a general upward trend peaking at 1.02 billion US dollars in December 2019. The volatility in net earnings during 2016 was partially attributed to losses from discontinued operations, which peaked at a loss of 84 million US dollars in October 2016. Provision for income tax fluctuated significantly, with a notable decrease in the tax burden during 2018 and early 2020 compared to the 2015-2017 period.

The overall financial trajectory indicates a period of expansion in both product and service segments leading up to 2020, accompanied by a significant increase in financing costs. Despite the revenue growth, the onset of 2020 introduced a period of volatility, characterized by a temporary compression in both operating and net earnings.

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General Dynamics Corp. (NYSE:GD)

Income StatementQuarterly Data

Income Statement
Quarterly Data