Aerojet Rocketdyne Holdings, Inc. ( AJRD Quick Quote AJRD - Free Report) depreciated 1.8% to reach $47.60 on Apr 27, reflecting investor skepticism following the company's first-quarter results. The company reported first-quarter 2021 earnings per share (EPS) of 22 cents, which missed the Zacks Consensus Estimate of 46 cents by a wide margin. The bottom line also plunged 40.5% year over year from the 37 cents reported in the year-ago quarter. Operational Performance
The company’s quarterly revenues of $496.1 million improved 4.2% from the year-ago quarter’s $476.1 million. The top line, however, lagged the Zacks Consensus Estimate of $510 million. This year-over-year increase in net sales was primarily led by a rise in the Aerospace and Defense segment sales.
Aerojet Rocketdyne’s backlog at the end of first-quarter 2021 totaled $5.3 billion, lower than the $6.7 billion witnessed at the end of 2020. Of this, funded backlog amounted to $3 billion. Total operating expenses flared up 7.5% to $450.3 million in the first quarter. Meanwhile, operating income of $45.8 million declined 19.8% from the prior-year period’s $57.1 million. Segmental Performance Aerospace & Defense: Revenues at this segment improved 4.4% year over year to $495.5 million from the previous year’s $474.4 million. Real Estate: The segment generated revenues of $0.6 million compared with the year-ago quarter’s reported revenues of $1.7 million. Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise Financial Update
Aerojet Rocketdyne exited the first quarter with cash and cash equivalents of $503.7 million, down from $1,149.5 million as of Dec 31, 2020.
Long-term debt amounted to $317.4 million, down from $324.4 million as of Dec 31, 2020. Operating cash outflow from continuing operations summed $69.4 million as of Mar 31, 2021, compared with the cash outflow of $17.1 million in the year-ago period. Free cash outflow at the end of the reported quarter was $73.2 million compared with the prior year’s $20.1million. Zacks Rank
Aerojet Rocketdyne currently carries a Zacks Rank #4 (Sell).
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