Sandy Di Angelis 28, Oct 3 mins
3 mins
The Ritz Herald
A platoon of M1 Abrahams battle tanks, manufactured by General Dynamics Land Systems. © Krisztian Bocsi
Net earnings of $834 million and diluted EPS of $2.90, up 33% sequentially

General Dynamics (NYSE: GD) today reported third-quarter 2020 net earnings of $834 million on revenue of $9.4 billion. Diluted earnings per share (EPS) were $2.90. Revenue was up 1.8% over the previous quarter, while net earnings and diluted EPS grew 33%.

“As we manage through this challenging time, we remain focused on the basics of operating performance, especially cash conversion and the early and aggressive management of costs, as evidenced this quarter by our strong operating margin and return on sales,” said Phebe N. Novakovic, chairman and chief executive officer. “Moreover, we continue to reduce debt and invest in the company for future growth.”


Company-wide operating margin for the quarter was 11.5%, a 240 basis-point increase from the previous quarter, with a notable increase of 620 basis points in the Aerospace segment’s margin. Return on sales was 8.8%, a 210 basis-point increase over the previous quarter.


Net cash provided by operating activities in the quarter totaled $1.1 billion, or 134% of net earnings. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $903 million, a 108% conversion of net earnings.

Capital Deployment

In the third quarter, the company reduced its net debt by $388 million to $11.9 billion, a decrease of 3.2% from the previous quarter. Capital expenditures were $216 million, or 2.3% of revenue.


General Dynamics’ total backlog at the end of third-quarter 2020 was $81.5 billion, up 21% from the year-ago quarter. Estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of all backlog components, was $131.9 billion at the…






How Did the Media Cover the Final 2020 Presidential Debate?
Cision, an industry-leading earned media communications management and media advisory platform, published the latest data
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As Climate Impacts Increase, UN Agencies Step Up Cooperation on Disaster Risk Reduction
A UN report published to mark the International Day for Disaster Risk Reduction on October
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Woodforest National Bank Continues Branch Expansion In North Carolina
The Ritz Herald

Woodforest National Bank® (“Woodforest”) is excited to announce its continued commitment in North Carolina by building a new location which opened on October 16th at 2500 Forest Hills Rd. W., Wilson, NC, 27893 inside Walmart®. This new branch offers a full range of banking services for consumer and business…

The Hedge Fund for Millennials by Millennials
The Ritz Herald

Fate Capital is targeting the younger generation of investors, allowing them the opportunity to increase their investment income via premium collection. This is made possible by writing options contracts on their long-term portfolio, which by design also reduces overall portfolio risk and volatility.

The strategy is not new and has…

Two-Thirds of Corporations Foresee US Presidential Election to Trigger Operational Changes
The Ritz Herald

S&P Global Market Intelligence’s quarterly COVID-19 flash survey found that a post-pandemic corporate environment will include key changes made to global corporations’ operational conditions and the reprioritization of environmental, social and governance-related (ESG) topics and workplace flexibility.

Conducted by 451 Research, the emerging technology research unit of S&P Global Market…

Consumers Engaging In Holiday Shopping This Year Will Spend 18 Percent Less Than Last Year
The Ritz Herald

Consumers plan on buying fewer gifts and spending less this holiday season, with an 18 percent reduction in their average budget from last year, a KPMG LLP survey found. Forty-one percent of consumers also said that they are not planning on going to Black Friday sales in person.

“Faced with…

Retailers Can Capitalize on Consumers’ Changing Holiday Shopping Behaviors Will Likely Be Best Positioned This Season
The Ritz Herald

Despite its disruptive impact on consumer behavior and retail spending throughout the year, COVID-19 is not cancelling the holiday shopping season, although it is changing how and where consumers will shop. For the past 35 years, Deloitte has been tracking the holiday shopping period, examining consumer behavior and what…

14 mins
Boeing International Headquarters. 100 North Riverside Plaza, Chicago, Illinois
The Ritz Herald
Total backlog of $393 billion, including more than 4,300 commercial airplanes

The Boeing Company reported third-quarter revenue of $14.1 billion, GAAP loss per share of ($0.79) and core loss per share (non-GAAP)* of ($1.39), reflecting lower commercial deliveries and services volume primarily due to COVID-19 (Table 1). Boeing recorded operating cash flow of ($4.8) billion.

“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I’m proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild…

3 mins
The Ritz Herald
Homes sold closer than ever to sellers' asking prices as pending sales rose 32%, new listings up just 8%

The median home sale price increased 15% year over year to $320,625—the highest on record, according to a new report from Redfin (, the technology-powered real estate brokerage. In the week ending October 18, home prices were up 16% from the same week a year earlier. Home prices continue to buck their typical seasonal pattern.

Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending October 18.

  • Since the four-week period ending July 5, home prices have increased 6.8%. Over that same period in 2018 and 2019, prices declined an average of 4.4%.
  • The median asking price of new listings was up 14.2% from a year earlier.
  • Pending home sales climbed 32% year over year even as the number of sales continued a typical seasonal decline.
  • New listings of homes for sale were up 8% from a year earlier.
  • Active listings (the number of homes listed for sale at any point during the period) fell 29% from 2019 to a new all-time low.
  • 45.2% of homes that went under contract had an accepted offer within the first two weeks on the market. This measure typically peaks in April or May and declines through…
CEOs’ Assessment of Current Conditions Rebounds Sharply Heading Into Q4
The Ritz Herald

The Conference Board Measure of CEO Confidence™ in collaboration with The Business Council rose sharply in the final month of Q3, after a moderate increase in the first month of Q3. The measure stands at 64, up from 45. (A reading above 50 points reflects more positive than negative…

Over 23 Million Americans Have Lost Their Job During the Pandemic; Acorns is Helping Them Get Back
The Ritz Herald

Acorns, the top saving and investing app helping more than 8.2 million Americans save and invest for the future, announced the launch of Acorns Job Finder. Acorns is connecting customers with new career opportunities, helping them earn more money, so that they can save and invest more, all from…

U.S. Housing Demand Continues to Outstrip Supply, Compounding Affordability Issues
The Ritz Herald

Despite a light rebalancing of third and fourth quarter estimates, full-year 2020 economic output is still expected to contract 2.6 percent, according to the latest commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. Its estimate of third quarter 2020 real…

The Rise North America Summit 2020
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The RISE, along with their USA and Canadian chapters, bringing a unique and rare opportunity to collaborate with entrepreneurs, established business owners, and industry stalwarts to help to build your business. Attending a virtual event is free. You will learn more about starting businesses from other successful people, get…

UNITED Adds Eight New Routes and Increases Flights to 19 Destinations for Winter Sun-Seekers
The Ritz Herald

United Airlines today announced a significant expansion of its winter international schedule, introducing eight new routes and adding flights to 19 destinations in Mexico, the Caribbean and Latin America. Starting in December, United will begin new nonstop service between Los Angeles and San Jose, Costa Rica and San Pedro…

9 mins
The Ritz Herald
© David Mcbee

COVID-19 has wreaked havoc on the global economy, but gold, silver and bitcoin are benefiting from the financial uncertainty that’s triggered an investor rush to safe havens. Prices for precious metals set new records over summer, and it’s likely the rally will stretch through the rest of the year.

Economic turmoil caused by the pandemic has had sweeping and severe impacts on financial markets across the world, including stock, bond and commodity markets. That volatility, along with the falling dollar and fears of inflation due to massive spending on COVID-19 relief, are fueling the surge in prices of precious metals and even copper.

Panic has long been the best incitement to precious metals. Anxious investors looking for stability and certainty will naturally turn to the tangible value of gold and silver. So it’s no surprise that safe-haven bullion has surged almost 30% this year, underpinned by low interest rates globally and widespread stimulus from central banks. 

The US economy suffered its biggest blow since the Great Depression in the second quarter as the crisis shattered consumer and business spending, wiping out more than five years of growth. 

At the same time, the US dollar has taken a massive hit, tumbling 4% in July in its worst month since 2010. The dollar has reclaimed nominal value since and it’s still down about 9% from its March highs amid fears that the pandemic will crimp US growth more than other economies. 

Like many commodities, gold is priced in dollars and becomes more affordable to foreign…


Despite COVID-19, Stronger Life Settlement Growth Forecast Over Next Decade
The life settlement market in 2019 enjoyed its fourth consecutive
COVID-19 is Accelerating the Skills Gap and Raising Employee Expectations of Their Employers
The Ritz Herald

As many business leaders look to close the skills gap and cultivate a sustainable workforce amid COVID-19, a new IBM Institute for Business Value (IBV) study reveals less than 4 in 10 human resources (HR) executives surveyed report they have the skills needed to achieve their enterprise strategy.

Pre-pandemic IBM…

Hertz Global Holdings Secures Commitments Of $1.65 Billion In Debtor-In-Possession Financing
The Ritz Herald

Hertz Global Holdings, Inc. (NYSE: HTZ) today announced that it has secured commitments for debtor-in-possession (“DIP”) financing totaling $1.65 billion and has filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware.

Hertz President and CEO Paul Stone said, “This new financing…

Sandals and Beaches Resorts Guests Will Automatically Receive Insurance Coverage for Medical Expenses
The Ritz Herald

Trust and confidence are increasingly becoming top priorities for consumers as they begin to safely travel to their dream destinations once again. This is why Sandals® Resorts and Beaches® Resorts are giving guests sun, sand, relaxation and even more confidence when booking thanks to two new added perks to…

4 mins
© U.S. Immigration Fund
The Ritz Herald
US Immigration Fund (USIF) has announced the much anticipated I-924 project approval of the distinguished 1568 Broadway project in New York City as well as the first I-526 approvals for its investors

US Immigration Fund (USIF) is proud to announce that after much anticipation and elongated processing times, U.S. Citizenship and Immigration Services (USCIS) issued official determination that the 1568 Broadway project is compliant with the EB-5 Investor Visa Program requirements and received its I-924 Project approval. The I-924 approval complements a long list of unique qualities that have come to define the 1568 Broadway project. In addition, USIF individual investors and their families have begun receiving their I-526 conditional green card approvals.

“We are pleased to announce this important milestone for 1568 Broadway”, said Nicholas A. Mastroianni III, President of USIF. He continued, “Due to the large volume of applicants that filed under the EB-5 Program this has taken much longer than expected, however, now we expect to see many more approved I-526 petitions for our investors over the coming weeks and months, and we look forward to all of the subsequent success stories for them and their families”.

1568 Broadway, also known as ‘TSX’ is located in the heart of the most desired area in New York City and perhaps all of North America – Broadway. The project will showcase features that are unmatched by any other located within Times Square,…



Despite COVID-19, Stronger Life Settlement Growth Forecast Over Next Decade

Duncan / RH
The life settlement market in 2019 enjoyed its fourth consecutive year of growth in the amount of face value settled. That said, the life settlement industry is likely to have
44% of Americans Plan to Apply for Store Credit Card This Holiday Season; Big Jump From 2019
The Ritz Herald

A lot more Americans say they’re likely to apply for a store credit card this holiday season than did in either of the previous two years, according to a new report from CompareCards by LendingTree.

That’s despite the fact that more than half (56%) of people who say they’ve had…

Nitya Capital Opens Investment Opportunities to Public
The Ritz Herald

Nitya Capital LLC announces the release of a revolutionary crowdfunding platform, providing investors the power to attain interest in Nitya’s deals, never before open to the public.

Housed within Nitya’s website, the crowdfunding platform provides a full-scale range of wealth fund options across asset classes, including multifamily and office properties….

Cathay Bank U.S.-China Economic Report 2020 September Update
The Ritz Herald

The UCLA Anderson Forecast and Cathay Bank today released the September 2020 Cathay Bank | UCLA Anderson Forecast U.S.-China Economic Report. This marks the third year of the collaboration between the two institutions, offering insights on the U.S. and Chinese economies.

The report, “Rising Tensions, a Pandemic and the Chinese-Centric…