General Dynamics reports 14.1% profit increase in 2024

General Dynamics Corp. reported strong financial results for 2024, with a profit of $3.8 billion, up 14.1% from the previous year, driven by a 12.9% increase in revenue to $47.7 billion. In the fourth quarter, the company earned $1.15 billion, or $4.15 per share, a notable rise from $1.01 billion a year prior, exceeding analysts' expectations. The aerospace and defense firm's solid performance was bolstered by robust demand for military munitions and vehicles, attributed in part to ongoing global conflicts. Despite this success, concerns linger over potential cuts to government defense budgets under new efficiency initiatives. CEO Phebe Novakovic highlighted a strong order activity and a total estimated contract value of $144 billion, indicating continued growth prospects. Nonetheless, shares of General Dynamics fell 1.6% amid investor apprehensions regarding future budget allocations.