GD Reports Solid 1Q Results

General Dynamics reported first quarter 2002 net earnings of $229 million, or $1.13 per share on a fully diluted basis, on sales of $3.1 billion. For the first quarter of 2001, earnings were $212 million, or $1.05 per share, on sales of $2.7 billion, excluding a non-recurring gain of $28 million, or 14 cents per share, from a tax-related adjustment. The quarter ended on March 31. "This was a good first quarter, marked by especially strong performance by our Information Systems and Technology group. We expect solid results to continue throughout the year," said Nicholas D. Chabraja, General Dynamics chairman and CEO. "New orders of almost $3 billion in the quarter - including a significant contribution from our Aerospace group -- kept the backlog strong. We ended the first quarter of 2002 with a funded backlog of $20.7 billion, and a total backlog of $26.5 billion," Chabraja said.