General Dynamics Corp. (GD) reported first-quarter 2013 net earnings of $571 million, or $1.62 per share, up from $564 million, or $1.57 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.50 per share for the quarter. Analysts' estimates typically exclude special items.
Funded backlog at the end of first-quarter 2013 was $42.4 billion, and total backlog was $48.5 billion. Significant awards received in the quarter include a $55 million order for production of Hydra-70 rockets, a $160 million contract for two additional combat and seaframe control systems for U.S. Navy Littoral Combat Ships and an award valued at more than $100 million for infrastructure support and modernization of a new government complex in northern Virginia.
Quarterly revenues of $7.40 billion were lower than prior year revenues of $7.58 billion. Sixteen analysts had consensus revenue estimate of $7.55 billion for the quarter.
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