GENERAL DYNAMICS CORP Annual Report, Year Ended Dec 31, 2018

General Dynamics Corporation (GD) reported robust performance in its 2018 fiscal year, highlighted by record revenue of $36.2 billion, a 16.9% increase over 2017, driven significantly by the acquisition of CSRA Inc. Operating earnings grew 5.2% to $4.5 billion, and diluted earnings per share from continuing operations reached a record $11.22. The company's backlog also expanded by 7.4% to $67.9 billion, indicating strong future revenue potential across its diversified segments. The company's five operating segments – Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems – all contributed to the revenue growth. The Aerospace segment saw increased revenue from services, while the IT segment's significant revenue jump was largely attributable to the CSRA acquisition. The defense segments (Combat Systems, Information Technology, Mission Systems, and Marine Systems) demonstrated strong order intake and backlog growth, particularly in areas like naval shipbuilding and combat vehicles. GD continued its commitment to shareholder returns, repurchasing $1.8 billion in stock and increasing dividends, returning over 115% of its free cash flow from operations to shareholders.