General Dynamics Corp. (GD) Tops Q1 EPS by 7c

General Dynamics Corp. (NYSE: GD) reported Q1 EPS of $1.71, $0.07 better than the analyst estimate of $1.64. Revenue for the quarter came in at $7.4 billion versus the consensus estimate of $7.2 billion.

Backlog

Funded backlog at the end of first-quarter 2014 was $48.3 billion, and total backlog was $56 billion, a more than 20 percent increase from year-end 2013. The company received a $10 billion 14-year contract from the Government of Canada's Canadian Commercial Corporation to provide military and commercial vehicles, training, and support services to an international customer, with $3 billion in options. Additional significant awards received in the quarter include $645 million for an additional Arleigh Burke-class destroyer, $520 million for long-lead material for Virginia-class Block IV submarines, $210 million for continued support of the U.K.'s Bowman tactical communication system, and $165 million for combat and seaframe control systems on the Navy's Independence-variant Littoral Combat Ship.

In addition to total backlog, estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $28.7 billion. Total potential contract value, the sum of all backlog components, was $84.7 billion at the end of the quarter.

For earnings history and earnings-related data on General Dynamics Corp. (GD) click here.

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