General Dynamics Corporation GD reported second-quarter 2017 earnings from continuing operations of $2.45 per share, which came in line with the Zacks Consensus Estimate. Reported earnings were up 6.5% from $2.30 recorded in the year-ago quarter.Total RevenueGeneral Dynamics’ second-quarter total revenue of $7,675 million missed the Zacks Consensus Estimate of $7,704 million by 1.7%. Reported revenues also dipped 1.3% from $7,774 million in the year-ago quarter.BacklogThe company recorded a total backlog of $58.6 billion, down 10% year over year. Funded backlog at the quarter end was down 5.8% to $51.7 billion.General Dynamics Corporation Price, Consensus and EPS Surprise General Dynamics Corporation Price, Consensus and EPS Surprise | General Dynamics Corporation QuoteSegment PerformanceAerospace: The segment reported revenues of $2,078 million, down 9% year over year. Operating earnings of $425 million increased 0.2% from the prior-year recorded figure of $424 million.Combat Systems: Segment revenues rose 9% to $1,414 million. Operating earnings were up 9.8% to $225 million in the quarter.Information Systems and Technology: The segment reported revenues of $2,104 million, down 5%. Operating income rose 2.6% to $240 million.Marine Systems: The segment’s revenues of $2,079 million were up 5.1% from the year-ago figure of $1,978 million. Operating income also improved 3.5% to $178 million.Operational HighlightsCompany-wide operating margin expanded 60 basis points (bps) to 13.8% from the year-ago level of 13.2%.In the quarter under review, General Dynamics’ operating costs and expenses declined 1.9% to $6,619 million.Financial ConditionAs of Jul 2, 2017, General Dynamics’ cash and cash equivalents were $1,856 million compared with $2,334 million as of Dec 31, 2016.Long-term debt as of Jul 2, 2017 was $2,989 million, almost in line with the 2016-end level of $2,988 million.As of Jul 2, 2017, the company’s cash flow from operating activities was around $1,010 million compared with $873 million in the year-ago period.Free cash flow from operations at the end of the second quarter was $386 million, compared with $324 million in the previous year.2017 OutlookThe company increased its EPS guidance for 2017 from the range of $9.50– $9.55 to $9.70–$9.75.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 here.Recent Peer ReleasesLockheed Martin Corp. LMT reported second-quarter 2017 earnings from continuing operations of $3.23 per share, beating the Zacks Consensus Estimate of $3.10 by 4.2%. Earnings also surpassed the year-ago period’s bottom-line figure by 10.2%.Textron Inc. TXT reported second-quarter 2017 adjusted earnings from continuing operations of 60 cents per share, beating the Zacks Consensus Estimate of 55 cents by 9.1%.The Boeing Company BA reported adjusted earnings of $2.55 per share for second-quarter 2017, beating the Zacks Consensus Estimate of $2.32 by 9.9%. In the year-ago quarter, the company had reported a loss of 44 cents.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >> 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 Boeing Company (The) (BA): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research