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General Dynamics Reports Strong Performance for Fourth Quarter 2010

FALLS CHURCH, Va. Jan. 26, 2011 $729 million $1.91 $618 million $1.58 $2.63 billion $6.82 $2.41 billion $6.20 $8.6 billion $32.5 billion

Margins

Company-wide operating margins increased to 12.5 percent for the fourth quarter, led by a 250-basis-point improvement in the company’s Aerospace sector.  Margins also increased in the Marine Systems and Information Systems and Technology businesses and remained steady in Combat Systems.

Cash

$1.42 billion $2.99 billion $1.27 billion $2.62 billion

Backlog

$59.6 billion $244 million

$21.8 billion $81.3 billion

Jay L. Johnson

$7.00 to $7.10

Falls Church, Virginia www.generaldynamics.com

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates, projections and assumptions.  These statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.  Actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.  Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

All forward-looking statements speak only as of the date they are made.  The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION:   11:30 a.m. Eastern Time Wednesday, January 26, 2011 www.generaldynamics.com . 2:30 p.m. January 26 2:30 p.m. January 26 February 2, 2011

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Fourth Quarter

Variance

2010

2009

$

%

Revenues

$ 8,601

$ 7,898

$  703

8.9 %

Operating costs and expenses

7,525

6,947

(578)

Operating earnings

1,076

951

125

13.1 %

Interest, net

(33)

(43)

10

Other, net

1

(1)

Earnings from continuing operations

 before income taxes

1,043

909

134

14.7 %

Provision for income taxes

314

291

(23)

Earnings from continuing operations

$    729

$    618

$  111

18.0 %

Discontinued operations, net of tax

(4)

4

Net earnings

$    729

$    614

$  115

18.7 %

Earnings per share – basic

   Continuing operations

$   1.94

$   1.60

$ 0.34

21.3 %

   Discontinued operations

$        –

$ (0.01)

$ 0.01

   Net earnings

$   1.94

$   1.59

$ 0.35

22.0 %

Basic weighted average

 shares outstanding (in millions)

376.7

385.8

Earnings per share – diluted

   Continuing operations

$   1.91

$   1.58

$ 0.33

20.9 %

   Discontinued operations

$        –

$ (0.01)

$ 0.01

   Net earnings

$   1.91

$   1.57

$ 0.34

21.7 %

Diluted weighted average

 shares outstanding (in millions)

380.9

390.1

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Twelve Months

Variance

2010

2009

$

%

Revenues

$      32,466

$        31,981

$           485

1.5 %

Operating costs and expenses

28,521

28,306

(215)

Operating earnings

3,945

3,675

270

7.3 %

Interest, net

(157)

(160)

3

Other, net

2

(2)

4

Earnings from continuing operations

 before income taxes

3,790

3,513

277

7.9 %

Provision for income taxes

1,162

1,106

(56)

Earnings from continuing operations

$        2,628

$          2,407

$           221

9.2 %

Discontinued operations, net of tax

(4)

(13)

9

Net earnings

$        2,624

$          2,394

$           230

9.6 %

Earnings per share – basic

   Continuing operations

$           6.89

$            6.24

$          0.65

10.4 %

   Discontinued operations

$         (0.01)

$          (0.03)

$          0.02

   Net earnings

$           6.88

$            6.21

$          0.67

10.8 %

Basic weighted average

 shares outstanding (in millions)

381.2

385.5

Earnings per share – diluted

   Continuing operations

$           6.82

$            6.20

$          0.62

10.0 %

   Discontinued operations

$         (0.01)

$          (0.03)

$          0.02

   Net earnings

$           6.81

$            6.17

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