General Dynamics
Q1 2022 Earnings Call
Apr 27, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, and welcome to the General Dynamics first quarter 2022 conference call. My name is Alex, and I'll be coordinating the call today. [Operator instructions] I will now hand over to your host, Howard Rubel, vice president of investor relations for General Dynamics. Over to you, Howard.
Howard Rubel -- Vice President of Investor Relations
Thank you, operator, and good morning, everyone. Welcome to the General Dynamics first quarter 2022 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties.
Additional information regarding these factors is contained in the company's 10-K, 10-Q and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the investor relations page of our website, investorrelations.gd.com. With that completed, I would like to turn the call over to our chairman and chief executive officer, Phebe Novakovic.
Phebe Novakovic -- Chairman and Chief Executive Officer
Thank you, Howard. Good morning, everyone, and thanks for being with us. As you can discern from our press release, we reported earnings of $2.61 per diluted share on revenue of $9.4 billion, operating earnings of $908 million and net earnings of $730 million. Revenue is flat against the first quarter last year.
Operating earnings are down $30 million, but net earnings are up $22 million in line which distorts the truly strong performance of the operating units. The improvement in net earnings was aided by less interest expense and a lower provision for income taxes against the year ago quarter. Earnings per diluted share are up $0.13 or 5.2% year over year. The operating margin for the entire company was 9.7%, 30 basis points lower than the year ago quarter.
This was as anticipated in our earlier guidance to you, but also shaped by the aforementioned expense at the corporate other line. From a slightly different perspective, we beat consensus by $0.10 per share. We have roughly $400 million more in revenue than anticipated by the sell side and almost $20 million more in operating earnings. We also beat our own expectations, particularly so in aerospace, about which I will have more to say shortly.