General Dynamics (NYSE: GD) reported Q4 EPS of $2.40, $0.02 better than the analyst estimate of $2.38. Revenue for the quarter came in at $7.8 billion versus the consensus estimate of $8.24 billion.

General Dynamics' total backlog at the end of 2015 was $66.1 billion. It was another strong quarter for the Aerospace group, with order activity in each of the Gulfstream products and across their global market. The estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $24.5 billion. Total potential contract value, the sum of all backlog components, was $90.6 billion at the end of the year.

UPDATE - During the company's quarterly call, General Dynamics said it expects FY16 EPS of $9.20, versus the consensus at $9.51. The company also expects to use debt "to some degree" for buybacks.

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