General Dynamics beats by $0.18, reports revs in-line :
- Reports Q1 (Mar) earnings of $2.34 per share, $0.18 better than the Capital IQ Consensus of $2.16; revenues fell 0.8% year/year to $7.72 bln vs the $7.68 bln Capital IQ Consensus.
- GD total backlog at the end of first-quarter 2016 was $64.7 billion. There was order activity across the Gulfstream product portfolio and strong demand for defense products, which resulted in a book-to-bill ratio (orders divided by revenue) of one-to-one in the Combat Systems group and greater than one-to-one in the Information Systems and Technology group. 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 $89.2 billion at the end of the quarter.
- "General Dynamics delivered a strong first quarter, with all four groups contributing to our outstanding operating performance."
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