The Falls Church, Va.-based defense contractor posted a 7-percent increase in revenue from the prior year period to $7.78 billion and profit rose 20.3 percent from first quarter 2014 figures to $716 million.
“We expanded operating earnings to more than $1 billion, a 17.5 percent increase, ” said Phebe Novakovic, General Dynamics chairman and CEO.
Revenue for the company’s information systems and technology segment — comprised of the information technology and mission systems business units — climbed 3.9 percent from the prior year period to $2.37 billion.
General Dynamics reported a 21.4-percent jump in revenue for the marine systems segment to $1.94 billion and the combat systems segment’s revenue increased 8.3 percent to $1.36 billion, while aerospace segment revenue declined a nominal 0.8 percent.
The company’s funded backlog as of the first quarter’s end sits at $56 billion with a total of $70.5 billion, a figure that does not include include General Dynamics’ estimate of $25.6 billion in potential combined value of unfunded indefinite-delivery/indefinite-quantity contracts and unexercised options.