Exhibit 99.1 GENERAL DYNAMICS | --- | --- | |-------------------------------|-------| | | | | 11011 Sunset Hills Road | | | Reston, Virginia 20190 | News | | www.gd.com | | Contact: Jeff A. Davis Tel: 703 876 3483 press@generaldynamics.com General Dynamics Reports Second-Quarter 2024 Financial Results July 24, 2024 • Revenue of $12 billion, up 18% from year-ago quarter • Operating earnings of $1.2 billion, up 20.2% from year-ago quarter • Diluted EPS of $3.26, up 20.7% from year-ago quarter • Operating marg ...

Core Viewpoint - The upcoming earnings reports for key players in the defense and aerospace industry, including General Dynamics, Lockheed Martin, Huntington Ingalls Industries, and Northrop Grumman, are expected to show solid revenue growth and earnings improvements compared to the previous year. General Dynamics (GD) - The Zacks Consensus Estimate for GD's second-quarter revenues is pegged at $11.48 billion, indicating a 13.1% rise from the year-ago quarter [15] - The Zacks Consensus Estimate for GD's second-quarter earnings is pegged at $3.31 per share, reflecting a 22.6% increase from the prior-year reported figure [16] - GD's backlog is projected to grow by 6.5% year-over-year in the second quarter of 2024, indicating strong demand for its products and services [18] - The Technologies segment's revenues are estimated at $3,268.5 million, suggesting a 1.6% increase from the year-ago quarter [13] - The Marine Systems unit's revenues are expected to reach $3,178.5 million, a 3.9% rise from the previous year [7] - The Combat Systems segment's revenues are estimated at $2,022.8 million, indicating a 5.1% increase from the year-ago quarter [11] - The Aerospace segment's revenues are projected at $3,004.3 million, reflecting a significant 53.8% increase from the previous year [6] Lockheed Martin (LMT) - The Zacks Consensus Estimate for LMT's second-quarter earnings is $6.44 per share, with sales pegged at $17.06 billion [2] - LMT has delivered a four-quarter average earnings surprise of 6.07% [2] Huntington Ingalls Industries (HII) - HII is expected to report second-quarter earnings of $3.59 per share, suggesting a 9.8% improvement from the second-quarter 2023 figure, with sales estimated at $2.84 billion, a 1.9% increase [21] Northrop Grumman (NOC) - The Zacks Consensus Estimate for NOC's second-quarter earnings stands at $5.97 per share, indicating an 11.8% improvement from the previous year, with sales pegged at $10.08 billion, a 5.3% increase [20] Earnings Expectations - The overall revenue growth prospects for the defense and aerospace industry remain bright, driven by strong demand across various segments and improved operational efficiencies [15][16]

Following the June 27 presidential debate, the leader of Russia, Vladimir Putin, openly stated how seriously he takes former President Donald Trump's commitment to ending the war in Ukraine. With Trump vocal about the importance of ending America's wars, it's likely the defense industry will take a hit following the closure of Europe's biggest war in almost 80 years. As a result, it's highly likely that there will be several defense stocks to sell to maximize profits now from medium-term holdings. RTX (RTX) ...

Industry Overview - The defense sector is experiencing a positive outlook due to geopolitical instability and increased demand for advanced military equipment and technology, leading to higher defense spending by governments globally [1][2] - Rapid technological advancements in hypersonics, directed energy weapons, autonomous systems, and space-based platforms are driving innovation and creating new revenue streams for defense companies [3] Lockheed Martin Corporation - Lockheed Martin is the world's largest defense contractor, with a diverse portfolio including fighter jets, helicopters, missile defense systems, and advanced technologies [4] - The company reported net sales of $17.2 billion for Q1 2024, a 14% increase from the same period in 2023, driven by strong performance in its Aeronautics segment [5][6] - Despite a decrease in net earnings to $1.5 billion, Lockheed Martin reaffirmed its 2024 financial outlook, indicating confidence in its business model [6] - The company is committed to investing in cutting-edge technologies, particularly hypersonic weapons and directed energy weapons, to maintain its competitive edge [7] - Analysts project a 5% upside for Lockheed Martin's stock, with a consensus price target of $485.40 and a P/E ratio of 16.90 [8] Northrop Grumman Corporation - Northrop Grumman specializes in autonomous systems and cybersecurity, positioning itself well in the modern warfare landscape [10] - The company reported a 9% increase in sales to $10.1 billion for Q1 2024, with significant growth in its Aeronautics Systems sector [11] - Analysts suggest an 18% upside for Northrop Grumman's stock, with a consensus price target of $510.36, highlighting its strong growth prospects [12] General Dynamics Corporation - General Dynamics has a diverse portfolio that includes submarines, tanks, armored vehicles, and business jets, providing balanced exposure to various defense market segments [13][14] - The company reported an 8.6% revenue increase to $10.7 billion for Q1 2024, driven by strong performance in its Combat Systems division [18] - General Dynamics has a consistent dividend payment history, appealing to income-seeking investors with a 33-year track record [17] Comparative Analysis - Lockheed Martin offers stability and a proven track record, particularly in fighter jets and advanced technologies [19] - Northrop Grumman presents a growth-oriented opportunity, focusing on autonomous systems and cybersecurity [19] - General Dynamics appeals to investors seeking a balanced approach with steady income potential due to its diversified portfolio [19] Future Outlook - The global defense industry is expected to grow due to persistent geopolitical tensions, increased military spending, and rapid technological advancements, creating a compelling investment case for defense companies [20]

Group 1: Northrop Grumman (NOC) - Northrop Grumman is positioned for growth despite recent declines, with new contracts and partnerships, including NATO's interest in maritime surveillance with Triton aircraft, suggesting a 14% upside next year [3] - In Q1 2024, Northrop Grumman reported $10.1 billion in sales, marking a 9% year-over-year increase, and is a leader in satellite manufacturing and space technology [7] - The company is involved in DARPA's Shepard program, focusing on developing a stealthy surveillance drone with advanced hybrid electric architecture [15] Group 2: Lockheed Martin (LMT) - Lockheed Martin successfully launched its advanced weather satellite, GOES-U, which will provide critical weather data over North America's East Coast [5] - Financially, Lockheed reported $6.78 billion in net income and revenue of $69.64 billion, with expectations for fiscal 2024 earnings at $26.27 per share and revenue climbing to $72.36 billion in 2025 [17] - The company offers stable investment potential in space stocks, focusing on satellite technology amid rising geopolitical tensions [16] Group 3: General Dynamics (GD) - General Dynamics reported robust financial performance with revenue climbing to $10.7 billion, an 8.6% year-over-year increase, and net earnings reaching $799 million, a 9.5% increase [11] - The company has a 1.97% dividend yield, consistently increased for 33 years, and shows resilience with a low beta of 0.64 [12] - Increased demand in Combat Systems and growth in Marine Systems, driven by U.S. Navy contracts, are key drivers for General Dynamics [18]

Group 1: Contract and Production - General Dynamics Corp.'s Land Systems unit secured a contract valued at $322.7 million for low-rate initial production of the M10 Booker combat vehicle, expected to be completed by October 20, 2026 [1] - The work related to this contract will be executed in Sterling Heights, MI; Anniston, AL; and Lima, OH [1] - The first M10 Booker vehicle was delivered to the U.S. Army in May 2024, and a previous contract for the second phase of LRIP was awarded in July 2023 for 26 additional vehicles [4] Group 2: Market Trends and Demand - Increased investments in technologically advanced ground combat vehicles are driven by modern warfare needs, including counter-terrorism operations and territorial disputes [2] - The global armored vehicle market is projected to witness a CAGR of 3.3% from 2024 to 2029, indicating strong demand for versatile and agile combat vehicles [5] Group 3: Company Position and Product Line - General Dynamics' Land Systems unit is a leading provider of tracked and wheeled military equipment, with notable products including the Abrams Main Battle Tank, Stryker, LAV family, and AJAX armored vehicles [6] - The M10 Booker is described as a highly lethal, survivable, and mobile direct-fire combat vehicle capable of engaging various ground threats [3] Group 4: Competitive Landscape - Other defense majors likely to benefit from the expanding global armored vehicle market include BAE Systems, Northrop Grumman, and RTX Corp. [7] - BAE Systems has a long-term earnings growth rate of 12.2%, with a projected sales improvement of 34.6% for 2024 [8] - Northrop Grumman has a long-term earnings growth rate of 8.7%, with a projected sales improvement of 4.6% for 2024 [13] - RTX has a long-term earnings growth rate of 10.6%, with a projected sales improvement of 6.2% for 2024 [14]

Defense and aerospace companies can be underrated long-term investments. A handful of power players dominate the industry, enjoying competitive advantages thanks to their constant innovation, deep pockets, and strong ties to the U.S. government and its allies. The unfortunate reality is that America's strength protects America but it also creates global tension, which means that defense spending will likely be a priority for the U.S. government for the foreseeable future: The best part? You can own stock in ...

Details of the Deal The options included in this contract, on being exercised, should bring the cumulative value of this contract to $1.13 billion. Nations across the globe are fortifying their defense spending on military weapons and arsenals as they look to strengthen their defense capabilities. This also includes augmented spending on navy ships for enhanced sea warfare capabilities. Notably, General Dynamics' DDG-51 Arleigh Burke-class guided-missile destroyers witness significant demand owing to their ...

Not all dividend stocks are worthy of a royal title like Dividend Duke (a completely made-up term, by the way). Indeed, there are Dividend Kings who have raised dividends by at least 50 straight years, a feat that's impressive but quite hard to do. Not because dividend payers can't stand up to challenges (like recessions) thrown their way, but because many firms simply weren't public in the early-to-mid 1970s to be eligible for the Dividend King title. The future is uncertain, but that doesn't mean firms wi ...

Valued at $1.89 billion, the LVM project is a two-part contract — a vehicle acquisition contract and another inservice support contract over 25 years. Per the terms of the deal, the GDLS-Marchall Canada JV will supply more than 1,000 light trucks and approximately 500 heavy trucks to the CAF. Over the past few years, there has been a significant expansion in military spending by nations across the globe. This is because the countries are increasingly focused on modernizing and upgrading their defense system ...