General Dynamics (NYSE: GD) reported Q1 EPS of $2.14, $0.20 better than the analyst estimate of $1.94. Revenue for the quarter came in at $7.78 billion versus the consensus estimate of $7.43 billion.

Funded backlog at the end of first-quarter 2015 grew to $56 billion, and total backlog was $70.5 billion.

"General Dynamics delivered a powerful first quarter," said Phebe N. Novakovic, chairman and chief executive officer. "As a result of impressive revenue growth and strong operating performance, we expanded operating earnings to more than $1 billion, a 17.5 percent increase."

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