...increased to $506 million, or $1.96 per diluted share, from $496 million, or $1.67 per diluted share, in the first quarter of 2011. On a pension-adjusted basis, earnings per diluted share from continuing operations increased 31 percent to $1.88 from $1.44. The company repurchased 4.4 million shares of its common stock in the 2012 first quarter; $1.4 billion remains on its current share repurchase authorization.

"We are off to a strong start for the year in a challenging environment. First quarter results demonstrate our team's ability to drive affordability by performing on our programs, reducing costs and improving the efficiency of our businesses. We continue to focus on performance, effective cash deployment and alignment of our portfolio with our customers' priority investment areas," said Wes Bush, chairman, chief executive officer and president.

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