General Dynamics Corporation GD reported second-quarter 2022 earnings per share (EPS) of $2.75, which beat the Zacks Consensus Estimate of $2.72 by 1.1%. Quarterly earnings increased 5.4% from $2.61 per share in the year-ago quarter.Total RevenuesGeneral Dynamics’ second-quarter revenues of $9,189 million missed the Zacks Consensus Estimate of $9,388 million by 2.1%. Revenues slipped 0.3% from the year-ago quarter.General Dynamics Corporation Price, Consensus and EPS Surprise General Dynamics Corporation price-consensus-eps-surprise-chart | General Dynamics Corporation QuoteSegmental PerformanceAerospace: The segment reported revenues of $1,867 million, up 15.1% year over year. Operating earnings of $238 million increased 22.1% from the prior-year quarter’s $220 million.Marine Systems: This segment’s revenues rose 4.5% from the prior-year quarter to $2,651 million. Operating earnings were up 0.5% from the year-ago quarter to $211 million.Technologies: The segment’s reported revenues of $3,005 million decreased 5% year over year. Operating earnings of $304 million dropped 1.3% from the prior-year quarter’s $306 million.Combat Systems: The segment’s revenues of $1,666 million were down 12.3% from the year-ago quarter’s $1,899 million. Operating earnings also declined 7.9% year over year to $245 million.Operational HighlightsFor the reported quarter, GD’s operating margin expanded 20 basis points from the year-ago quarter’s reported figure to 10.6%.For the quarter under review, General Dynamics’ operating costs and expenses went down 0.6% from the year-ago period to $8,211 million.Interest expenses for the reported quarter declined 12.8% year over year to $95 million.BacklogGeneral Dynamics recorded a total backlog of $87.63 billion, up 0.5% from first-quarter 2022’s backlog of $87.23 billion . The funded backlog at second-quarter end was $67.89 billion.Financial ConditionAs of Jul 3, 2022, General Dynamics’ cash and cash equivalents were $2,223 million compared with $1,603 million as of Dec 31, 2021.Long-term debt as of Jul 3, 2022 was $9,741 million, down from the 2021-end level of $10,490 million.As of Jul 3, 2022, GD generated cash from operating activities of $2,627 million, up from $1,118 million generated in the year-ago period.Zacks RankGeneral Dynamics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks hereRecent Defense ReleasesLockheed Martin Corporation LMT reported second-quarter 2022 earnings of $6.32 per share, which surpassed the Zacks Consensus Estimate of $6.29 by 0.5%. The bottom line however declined 1.6% year over year.The company’s net sales amounted to $15.45 billion, which missed the Zacks Consensus Estimate of $16.16 billion by 4.4%. The top line also declined 9.3% from $17.03 billion reported in the year-ago quarter.Hexcel Corporation HXL reported second-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 30 cents by 10%.The company’s net sales totaled $393 million, which beat the Zacks Consensus Estimate of $383 million by 2.6%. Moreover, the top line witnessed an improvement of 22.7% from the year-ago quarter’s $320.3 million.AAR Corp. AIR reported fourth-quarter fiscal 2022 adjusted earnings of 72 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 5.9%. Earnings recorded a solid surge of 53.2% from the year-ago quarter.In the quarter under review, AAR generated net sales worth $476.1 million. The reported figure surpassed the Zacks Consensus Estimate of $468 million by 1.7% and also improved 8.8% from $437.6 million recorded in the year-ago quarter. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report AAR Corp. (AIR): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research