General Dynamics (NYSE: GD) reported Q1 EPS of $2.65, $0.13 better than the analyst estimate of $2.52. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $7.6 billion.

"General Dynamics delivered solid first-quarter results, with growth in revenue, net earnings and EPS," said Phebe Novakovic, chairman and chief executive officer of General Dynamics. "This is a strong start to 2018 and we remain confident in our outlook.."

Backlog

General Dynamics' total backlog at the end of first-quarter 2018 was $62.1 billion. The estimated potential contract value, representing management\'s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $25.5 billion. Total potential contract value, the sum of all backlog components, was $87.6 billion at the end of the quarter.

There was order activity across the Gulfstream product portfolio and strong demand for defense products. Significant awards in the quarter include a contract with a total potential value of $1 billion to deliver Piranha 5 wheeled armored vehicles to the Romanian Armed Forces, $695 million from the U.S. Navy for long-lead materials for Block V Virginia-class submarines, $420 million from the Navy for a second John Lewis-class ship, $355 million from the U.S. Army for continued production and support of Stryker vehicles and $215 million from NASA for the Space Network Ground Segment Sustainment project to modernize NASA\'s ground infrastructure systems for its satellite network.

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