In the final lap of Q1 earnings releases, Huntington Ingalls Industries HII came up with solid first-quarter results last week. Overall, the aerospace and defense sector has recorded an earnings decline of 6.6% despite 3.8% growth in revenues. Yet, most of the major defense companies stood up pretty well in what was a tough quarter, boosting their 2016 outlook.Last week, Lockheed Martin LMT, Raytheon RTN and General Dynamics GD continued their foray bagging big awards from the Pentagon.(Read Defense Stock Roundup for May 3, 2016 here.)Recap of the Week’s Most Important Stories1. Huntington Ingalls Industries, Inc. reported strong first-quarter 2016 results wherein its earnings per share surged 60.3%. The upside was primarily driven by strong contribution from its Ingalls Shipbuilding division. The company’s top line not only came in above the Street expectation but also improved 12.3% year over year.The company received new orders worth $1 billion and exited the quarter with a total backlog of $21.3 billion.2. Orbital ATK, Inc.’s OA first-quarter 2016 earnings of $1.31 per share came in line with the Zacks Consensus Estimate but surged 14.9% year over year. However, its total revenue of $1,065 million lagged the Zacks Consensus Estimate of $1,138 million by 6.4%. Reported revenues also fell 4.6% from the year-ago quarter, primarily due to lower sales from Defense Systems Group. While its revenue was weaker than the first quarter of last year, earnings were much stronger than last year's, attributable in part to the strength of its satellite systems division.The company reported robust new order growth, recording $2.5 billion in new firm and option contract bookings as well as received $720 million in option exercises under existing contracts. That brought the company's firm backlog to $8.6 billion, up 8% from the year-ago quarter. Meanwhile, its total backlog is up 23% year over year to $14.8 billion.The company reaffirmed its 2016 earnings guidance in the range of $5.25–$5.50 per share on revenues of $4,575–$4,650 million.3. Lockheed Martin Corp. has received a $424.2 million contract from the U.S. Navy to support the Aircrew Electronic Warfare Tactical Training Range project. Per the contract, Lockheed Martin will provide products and services related to AN/GPQ-11(V) threat radar emitter simulations. The company will also provide other threat simulators and equipment. Work will be performed in Ridgecrest, CA, and is slated for completion in May 2021.This project, which is managed by the Naval Air Warfare Center Weapons Division, focuses on the development, implementation and sustainment of ground electronic warfare and surface-to-air weapons threat systems.4. Defense giants Lockheed Martin and Raytheon Co. have been awarded by the U.S. Air Force a $649.7 million contract to buy more Paveway II laser-guided bombs. This modification contract provides for a five-year contract extension, per the Defense Department.The U.S aerial laser-guided bomb, GBU-12 Paveway II, is based on the Mark-82 500-pound general-purpose bomb and equipped with a nose-mounted laser seeker and fins for guidance.5. Raytheon has received a potential five-year, $350.6 million contract to provide the U.S. Army with the Advanced Range Tracking and Imaging System or ARTIS. This contract will run through May 5, 2021.Raytheon’s Missile Systems division also scored a $104.6 million cost-plus-incentive-fee contract for the Advanced Medium-Range Air-to-Air Missile (AMRAAM) program. Per the contract, Raytheon will provide form, fit, function, and refresh of the AMRAAM Guidance Section.6. General Dynamics Corp. has won a $329.1 million modification contract to help the U.S. Army upgrade the service branch’s fleet of Stryker infantry carrier vehicles. The company will produce, test and deliver Stryker 30mm lethality systems under the contract awarded by the Warren, MI-based Army Contracting Command last week. General Dynamics will perform the contract work through Jan 15, 2021, at its Sterling Heights, MI facility.PerformanceThe major defense stocks continued to show a mixed performance over the past five trading sessions, albeit with more gains than losses. Raytheon gained the most followed by Northrop Grumman. However, Boeing and Textron ended in the red.In the past six months, the picture is mostly green, barring Boeing and Textron. Northrop Grumman gained the most while Boeing was the biggest loser.The following table shows the price movement of the major defense players over the past five trading days and during the last six months. Company Last Week Last 6 months LMT 2.39% 13.94% BA -0.29% -8.15% GD 0.44% 0.43% RTN 3.27% 11.60% NOC 2.40% 19.27% COL 1.41% 4.81% TXT -1.60% -7.31% LLL 1.44% 14.67% What’s Next in the Defense World?Rockwell Collins Inc. COL is attending the Wells Fargo Securities Industrial and Construction Conference today.Boeing will host its annual investor conference on May 11.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 RAYTHEON CO (RTN): Free Stock Analysis Report HUNTINGTON INGL (HII): Free Stock Analysis Report ORBITAL ATK INC (OA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research