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Aerojet Rocketdyne (AJRD) Q4 Earnings Up Y/Y, Revenues Beat
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Aerojet Rocketdyne Holdings, Inc.’s share price went up 0.8% on Feb 19, following the release of its fourth-quarter and full-year 2020 results, which reflected solid year-over-year improvement.
The company reported fourth-quarter adjusted earnings of 47 cents per share, up 74.1% from the prior year quarter’s figure of 27 cents. The Zacks Consensus Estimate for the reported quarter was pegged at 50 cents.
Barring one-time adjustments, the company reported GAAP earnings of 43 cents per share, reflecting an improvement of 43.3% from 30 cents recorded in the prior-year quarter.
The year-over-year improvement in bottom line can be attributed to higher revenues as well as operating incomes generated in the recently reported fourth quarter.
For 2020, the company reported adjusted earnings per share of $1.67 compared with $1.56 recorded in 2019.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne’s fourth-quarter revenues of $556.5 million came in 6.4% higher than the year-ago quarter’s $523 million. The top line exceeded the Zacks Consensus Estimate of $554 million by 0.5%.
The increase in net sales was primarily driven by the Guided Multiple Launch Rocket System (GMLRS) and the Medium Range Ballistic Missile (MRBM) programs.
For 2020, the company generated revenues worth $2,072.7 million, compared with $1,981.5 million recorded in 2019.
Total backlog at the end of 2020 was $6.7 billion compared with $5.4 billion as of Dec 31, 2019. Of this, funded backlog amounted to $3 billion compared with $2.1 billion at 2019-end.
Total operating costs and expenses increased 5.1% year over year to $498.5 million in the fourth quarter. Operating income of $58 million rose 19.1% from $48.7 million a year ago.
Segmental Performance
Aerospace & Defense: Revenues at this segment improved 6.7% year over year to $556 million.
Real Estate: The segment generated revenues of $0.5 million compared with the year-ago quarter’s figure of $2.1 million.
Financial Update
Aerojet Rocketdyne exited 2020 with cash and cash equivalents of $1,149.5 million, up from $932.6 million as of Dec 31, 2019.
Long-term debt amounted to $324.4 million as of Dec 31, 2020, down from $352.3 million as of Dec 31, 2019.
Operating cash inflow from continuing operations was $363.8 million as of Dec 31, 2020, compared with $261.2 million in 2019.
Free cash flow at the end of 2020 was $309.2 million compared with $218.3 million a year ago.
Lockheed Martin Corp. (LMT - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.
Hexcel Corporation (HXL - Free Report) reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.
General Dynamics Corporation (GD - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.
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Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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Aerojet Rocketdyne (AJRD) Q4 Earnings Up Y/Y, Revenues Beat
Aerojet Rocketdyne Holdings, Inc.’s share price went up 0.8% on Feb 19, following the release of its fourth-quarter and full-year 2020 results, which reflected solid year-over-year improvement.
The company reported fourth-quarter adjusted earnings of 47 cents per share, up 74.1% from the prior year quarter’s figure of 27 cents. The Zacks Consensus Estimate for the reported quarter was pegged at 50 cents.
Barring one-time adjustments, the company reported GAAP earnings of 43 cents per share, reflecting an improvement of 43.3% from 30 cents recorded in the prior-year quarter.
The year-over-year improvement in bottom line can be attributed to higher revenues as well as operating incomes generated in the recently reported fourth quarter.
For 2020, the company reported adjusted earnings per share of $1.67 compared with $1.56 recorded in 2019.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne Holdings, Inc. price-consensus-eps-surprise-chart | Aerojet Rocketdyne Holdings, Inc. Quote
Operational Performance
Aerojet Rocketdyne’s fourth-quarter revenues of $556.5 million came in 6.4% higher than the year-ago quarter’s $523 million. The top line exceeded the Zacks Consensus Estimate of $554 million by 0.5%.
The increase in net sales was primarily driven by the Guided Multiple Launch Rocket System (GMLRS) and the Medium Range Ballistic Missile (MRBM) programs.
For 2020, the company generated revenues worth $2,072.7 million, compared with $1,981.5 million recorded in 2019.
Total backlog at the end of 2020 was $6.7 billion compared with $5.4 billion as of Dec 31, 2019. Of this, funded backlog amounted to $3 billion compared with $2.1 billion at 2019-end.
Total operating costs and expenses increased 5.1% year over year to $498.5 million in the fourth quarter. Operating income of $58 million rose 19.1% from $48.7 million a year ago.
Segmental Performance
Aerospace & Defense: Revenues at this segment improved 6.7% year over year to $556 million.
Real Estate: The segment generated revenues of $0.5 million compared with the year-ago quarter’s figure of $2.1 million.
Financial Update
Aerojet Rocketdyne exited 2020 with cash and cash equivalents of $1,149.5 million, up from $932.6 million as of Dec 31, 2019.
Long-term debt amounted to $324.4 million as of Dec 31, 2020, down from $352.3 million as of Dec 31, 2019.
Operating cash inflow from continuing operations was $363.8 million as of Dec 31, 2020, compared with $261.2 million in 2019.
Free cash flow at the end of 2020 was $309.2 million compared with $218.3 million a year ago.
Zacks Rank
Aerojet Rocketdyne currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin Corp. (LMT - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.
Hexcel Corporation (HXL - Free Report) reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.
General Dynamics Corporation (GD - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>