通用动力 2024年度报告

D e a r F e l l o w S h a r e h o l d e rDearFellowShareholder 2024 was a year marked by significant growth and strong demand across the business. All four segmentsposted higher revenue and operating earnings, resulting in double-digit top- and bottom-line growth for thecompany. For the full year, revenue increased 12.9% to $47.7 billion, and net earnings increased 14.1% to $3.8billion, driving $13.63 of diluted earnings per share, up 13.4% over the prior year.2024was ayearmarkedbysignificantgrowthandstrongdemandacrossthebusiness.Allfoursegmentspostedhigherrevenueandoperatingearnings,resulting indouble-digittop- andbottom-linegrowthforthecompany.Forthefullyear,revenueincreased12.9%to $477billion,andnetearningsincreased14.1%to $3.8billion,driving$13.63ofdilutedearningspershare,up13.4%overtheprioryear. Aerospace revenues increased 30.5% to $11.2 billion, and operating earnings increased 23.9% to $1.5 billion,driven by the certification and entry into service of the G700 aircraft at the end of the first quarter. Gulfstreamdelivered 30 G700s last year in the first nine months after certification, more than any plane in its history overthe same time period. While we planned to deliver more, supply chain challenges impacted both schedule andcost. We believe these issues are largely behind us.Aerospacerevenuesincreased30.5%to$11.2billion,andoperatingearningsincreased23.9%to$1.5billion,drivenbythecertificationandentry intoserviceoftheG700aircraftattheendof the firstquarter.Gulfstreamdelivered30G700slastyearinthe firstninemonthsaftercertification,morethananyplanein its history overthesametimeperiod.Whileweplannedtodelivermore,supplychainchallengesimpactedbothscheduleandcost.Webelievetheseissuesarelargelybehindus. With the G700 now in the hands of customers, we are seeing even better than expected demonstratedperformance. As we look ahead, the G800 is on track to receive certification and start deliveries later this year.In the same time frame, the last G650 will be completed and delivered, marking the end to this iconic program.WiththeG700nowinthehandsofcustomers,weare seeing evenbetterthan expected demonstratedperformance.As welookahead,theG800isontracktoreceivecertificationandstartdeliverieslaterthis year.Inthesametimeframe,thelastG650willbecompletedanddelivered,markingtheendtothisiconicprogram. As we continue to introduce new models into service, the demand for the portfolio of Gulfstream aircraft andaircraft services remains strong. Aerospace backlog ended the year at a robust $19.7 billion, with a 1-to-1 book-to-bill on a significant increase in revenue.Aswecontinuetointroducenewmodelsintoservice,thedemandfor theportfolioofGulfstreamaircraftandaircraftservicesremainsstrong.Aerospacebacklogendedtheyearatarobust$19.7billion,witha1-to-1book-to-billonasignificantincreaseinrevenue. At Combat Systems, revenue was up 8.8% to $9 billion and operating earnings up by 11.2% to $1.3 billion. Thesegment demonstrated strong operating performance, expanding margins year over year. We saw solid demandfor our tracked and wheeled combat vehicles, and the newest tracked platform, M10 Booker, received a thirdlow-rate initial production (LRIP) award.AtCombatSystems,revenuewasup8.8%to$9billionandoperatingearningsupby11.2%to$1.3billion.Thesegmentdemonstratedstrongoperatingperformance,expandingmarginsyearoveryear.Wesawsoliddemandforourtrackedandwheeledcombatvehicles,andthe newesttrackedplatform,M10Booker,receivedathirdlow-rateinitialproduction(LIRIP)award. We continued to build out capacity for 155mm production for the Army customer and received over $1.2 billionin munitions production awards. We also continue to see a strong opportunity pipeline for international demandthrough both direct awards and Foreign Military Sales (FMS). Backlog ended the year at $17 billion, driven bystrong orders and a book-to-bill of 1.3-to-1. Looking ahead, the current geopolitical threat environment supportsa strong demand outlook for the segment’s products and services.Wecontinuedtobuildoutcapacityfor155mmproductionfortheArmycustomerandreceivedover$1.2billioninmunitionsproductionawards.WealsocontinuetoseeastrongopportunitypipelineforinternationaldemandthroughbothdirectawardsandForeignMilitarySales(FMS).Backlogendedtheyearat$17billion,drivenbystrongordersandabook-to-billof1.3-to-1.Lookingahead,thecurrentgeopoliticalthreatenvironmentsupportsastrongdemandoutlookforthesegment'sproductsandservices. At Marine Systems, revenue also continued its strong growth trajectory, up 15.1% to $14.3 billion, following13% growth in the prior year, as the Virginia-class and Columbia-class submarine programs continue to ramp.While operating earnings grew year over year, results remain challenged due to impacts from cost inflation,ongoing supply chain quality issues and delays.AtMarineSystems,revenuealsocontinueditsstrong growthtrajectory,up15.1%to$14.3billion,following13%growth in the prioryear,astheVirginia-classandColumbia-classsubmarineprogramscontinuetoramp.While