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.