General Dynamics Corporation GD announced first-quarter 2016 earnings from continuing operations of $2.34 per share, comfortably surpassing the Zacks Consensus Estimate and the year-ago figure of $2.14 by 9.3%. Total RevenueGeneral Dynamics’ total revenue of $7,724 million surpassed the Zacks Consensus Estimate of $7,693 million by 0.4%. Reported revenues were, however, down 0.8% from $7,784 million in the year-ago quarter.The decrease was due to lower contributions from the Aerospace, Combat Systems, and Information System and Technology segments.BacklogTotal backlog at the company was $64.7 billion, down 8.2% year over year. Funded backlog at quarter end dipped 2.3% to $54.7 billion.Segment PerformanceAerospace: The segment reported first-quarter 2016 revenues of $1,987 million, down 5.7% year over year. Operating earnings of $411 million decreased from $431 million in the year-ago quarter.Combat Systems: Segmental revenues dropped nearly 6.6% to $1,273 million. Operating earnings, however, grew 6.4% to $217 million in the quarter.Information Systems and Technology: The segment reported revenues of $2,333 million, down 1.6%. Operating income, however, surged 14.3% to $248 million.Marine Systems: The segment’s revenues of $2,131 million climbed 9.7% from the year-ago figure of $1,943 million. Operating income grew 2.1% to $192 million.Operational HighlightsCompany-wide operating margin expanded to 13.6% from 13.2% a year ago.In the quarter under review, General Dynamics’ operating costs and expenses dipped nearly 1.3% to $6,671 million.Financial ConditionAs of Mar 31, 2016, General Dynamics’ cash and cash equivalents were $1,907 million, compared with $2,785 million as of Dec 31, 2015.Long-term debt as of Mar 31, 2016, was $2,899 million, almost in line with the 2015-end level of $2,898 million.In the first quarter of 2016, the company’s cash flow from operating activities was around $439 million, compared with $745 million in the year-ago period. Free cash flow from operations in the quarter was $374 million, down from $647 million in the prior year.Other Aerospace & Defense ReleasesRockwell Collins Inc. COL reported financial results for second-quarter fiscal 2016 ended Mar 31. The company’s adjusted earnings per share of $1.30 surpassed the Zacks Consensus Estimate of $1.29 by 0.8%. Reported earnings also improved 6.6% from the year-ago adjusted profit level of $1.22 per share.Textron Inc. TXT reported first-quarter 2016 earnings from continuing operations of 55 cents per share, beating the Zacks Consensus Estimate of 53 cents by 3.8%. Earnings also surged 19.6% from 46 cents reported in the year-ago quarter.Pentagon’s prime contractor, Lockheed Martin Corp. LMT, reported adjusted first-quarter 2016 earnings of $2.58 per share, surpassing the Zacks Consensus Estimate of $2.51 by 2.8%. Earnings, however, fell 5.8% from the year-ago level.Zacks RankGeneral Dynamics currently has a Zacks Rank #3 (Hold).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 >>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 GENL DYNAMICS (GD): Free Stock Analysis Report LOCKHEED MARTIN (LMT): Free Stock Analysis Report ROCKWELL COLLIN (COL): Free Stock Analysis Report TEXTRON INC (TXT): Free Stock Analysis Report To read this article on Zacks.com click here.