General Dynamics Corporation

Good morning and welcome to the General Dynamics first quarter 2026 earnings conference call. All participants will be in listen-only mode. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Please note this event is being recorded. I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to the General Dynamics first quarter 2026 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties. Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable gap measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website, InvestorRelations.gd.com. On the call today are Danny Deep, President, and Kim Correa, Chief Financial Officer. I will now turn the call over to Danny.

Thank you, Nicole. Good morning, everyone, and thanks for being with us. The first thing I'll note is that our Chairman and CEO, Phoebe Novakovic, had a family illness that required her absence. So I'll be conducting today's call along with Kim. At the very outset of these remarks, let me share with you our view that this was a very powerful quarter in all respects. Earlier today, we reported earnings of $4.10 per diluted share on revenue of $13.5 billion, operating earnings of $1,420,000,000 and net earnings of $1,125,000,000. These results compare quite favorably to the year-ago quarter which in and of itself was a very good quarter. For example, revenue is up 10.3%, and importantly, operating earnings are up 12%, and net earnings are up 13.2%. As a result, earnings per diluted share are up 44 cents, 12% more than a year ago quarter. The operating margin for the entire company was 10.5%, a 10 basis point improvement over a year ago quarter, which coupled with the revenue growth led to very strong earnings growth. While aerospace and marine led the way on revenue increases, each of the other two segments enjoyed revenue increases as well. A similar pattern is true with respect to operating earnings. Each of the segments demonstrated better performance, led by marine systems with a 26.4% increase from improved operating performance across all of our shipyards, coupled with the revenue increases. We beat consensus by 43 cents in the quarter on more revenue and better operating margins than expected by the sell side. In short, this performance exceeded our own expectations. We also had a terrific quarter from a cash flow perspective, together with strong order intake, which led to a larger backlog, which Kim will discuss in greater detail in a moment. From our perspective, we have opened the year on a very positive note. At this point, let me ask Kim Correa, our CFO, to provide details on our superb cash flow, order activity, and solid backlog before I come back with segment observations.