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GENERAL DYNAMICS 11011 Sunset Hills Road Reston , Virginia 20190 www.gd.com General Dynamics Reports First - Quarter 2021 Financial Results April 28 , 2021 • Revenue of $ 9.4 billion , up 7.3 % from year - ago quarter ; growth in all four segments Net earnings of $ 708 million , diluted EPS of $ 2.48 • Record - high backlog of $ 89.6 billion , up 4.5 % from year - ago quarter Exhibit 99.1 News Contact : Jeff A. Davis Tel : 703 876 3483 press@generaldynamics.com RESTON , Va . – General Dynamics ( NYSE : GD ) today reported first - quarter 2021 net earnings of $ 708 million on revenue of $ 9.4 billion . Diluted earnings per share ( EPS ) were $ 2.48 . Revenue grew year - over - year by 7.3 % company - wide , with growth in all four segments and growth exceeding 10 % in the Aerospace and Marine Systems segments . Company - wide operating margin for the quarter was 10 % . Orders remained strong , with backlog up 4.5 % from the year - ago quarter to a record $ 89.6 billion . " Continued recovery from the pandemic coupled with our focus on operating performance yielded a strong quarter , with year - over - year earnings growth driven by increased revenue across all of our four business segments , ” said Phebe N. Novakovic , chairman and chief executive officer . “ Our improved cash outlook enabled us to continue investing in future growth while returning capital to shareholders . ” Cash Net cash provided by operating activities in the quarter totaled $ 3 million , compared with a use of cash of $ 666 million in the year - ago quarter . Free cash flow from operations , defined as net cash provided by operating activities less capital expenditures , was a net outflow of $ 131 million . During the quarter , the company invested $ 134 million in capital expenditures , paid $ 315 million in dividends , and repurchased $ 744 million in shares at an average price of $ 161.38 per share , ending the quarter with $ 1.8 billion in cash and equivalents on hand . Backlog Total backlog at the end of first - quarter 2021 was $ 89.6 billion , up 4.5 % from the year - ago quarter . Estimated potential contract value , representing management's estimate of value in unfunded indefinite delivery , indefinite quantity ( IDIQ ) contracts and unexercised options , was $ 41.8 billion . Total estimated contract value , the sum of all backlog components , was $ 131.4 billion at the end of the quarter . - more -