General Dynamics (NYSE: GD) reported Q2 EPS of $2.27, $0.21 better than the analyst estimate of $2.06. Revenue for the quarter came in at $7.9 billion versus the consensus estimate of $7.68 billion.

General Dynamics' backlog remained steady at the end of second-quarter 2015, with funded backlog at $55.4 billion and total backlog of $70 billion. Aerospace backlog increased by seven percent in the quarter, with strong order activity across the product line. Information Systems and Technology also had several notable orders in the quarter leading to higher backlog. Estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $25.6 billion. Total potential contract value, the sum of all backlog components, was $95.6 billion at the end of the quarter.

General Dynamics sees FY2015 EPS of $8.70-$8.80, versus prior guidance of $8.05-$8.10 and the consensus of $8.61.

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