General Dynamics Reports First-Quarter 2019 Results.

FALLS CHURCH, Va: General Dynamics (NYSE: GD) today reported first-quarter 2019 revenue of $9.3 billion, up 22.9 percent year-over-year, with net earnings of $745 million. Diluted earnings per share were $2.56.

"The solid sales gains and strong bookings reflect the market-leading performance we expect of our operating units," said Phebe Novakovic, chairman and chief executive officer. "We are pleased with our robust backlog and remain relentlessly focused on improving operating performance."

Backlog

General Dynamics' total backlog at the end of first-quarter 2019 was $69.2 billion, up 11.4 percent year-over-year. Estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $33.9 billion. Total potential contract value, the sum of all backlog components, was $103.2 billion, up 17.7 percent year-over-year.

Order activity remained strong across both the aerospace and defense portfolios. Aerospace booked more than $3.1 billion in orders in the quarter. Significant awards in defense portfolios in the quarter included $2 billion from the U.S. Navy for long-lead materials for Block V Virginia-class submarines, $580 million for...