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Aerojet Rocketdyne (AJRD) Q3 Earnings Top Estimates, Fall Y/Y
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Shares of Aerojet Rocketdyne Holdings, Inc. gained 0.5% to reach $48.69 on Nov 2, following the company's third-quarter 2022 results.
The company reported third-quarter earnings per share (EPS) of 45 cents, which surpassed the Zacks Consensus Estimate of 44 cents by 2.3%. The bottom line, however, declined 22.4% year over year from 58 cents reported in the year-ago quarter.
Operational Performance
The company’s quarterly sales of $549.8 million inched up 0.8% from the year-ago quarter’s $545.3 million. The top line missed the Zacks Consensus Estimate by 1.6%. The year-over-year increase in net sales was on account of an improvement in Aerospace and Defense segment sales.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne’s backlog at the end of third-quarter 2022 totaled $6.7 billion, lower than $6.9 billion witnessed at the end of the second quarter of 2022. Of this, funded backlog amounted to $3 billion.
Total operating costs and expenses increased 4.8% to $496.5 million in the third quarter. Operating income of $53.3 million declined 25.4% from the prior-year period’s $71.4 million.
Segmental Performance
Aerospace & Defense: Revenues at this segment rose 0.8% year over year to $549.2 million from the previous year’s $544.7 million.
Real Estate: The segment generated revenues of $0.6 million, in line with the year-ago quarter’s reported revenues.
Financial Update
Aerojet Rocketdyne exited the third quarter with cash and cash equivalents of $334.5 million, down from $700.4 million as of Dec 31, 2021.
Long-term debt amounted to $292.1 million, down from $294.6 million as of Dec 31, 2021.
Operating cash outflow from continuing operations was $73.8 million as of Sep 30, 2022 against a cash inflow of $95.4 million in the year-ago period.
Free cash outflow at the end of the reported quarter was $98 million against the prior year’s free cash inflow of $78.1 million.
Zacks Rank
Aerojet Rocketdyne currently carries a Zacks Rank #4 (Sell).
Lockheed Martin (LMT - Free Report) reported third-quarter 2022 adjusted earnings of $6.87 per share, which surpassed the Zacks Consensus Estimate of $6.58 by 4.4%. The bottom line also improved 4.1% year over year.
Lockheed Martin’s net sales amounted to $16.58 billion, which missed the Zacks Consensus Estimate of $16.82 billion by 1.4%. The top line, however, rose 3.5% from $16.03 billion reported in the year-ago quarter.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2022 adjusted earnings per share of $1.21 beat the Zacks Consensus Estimate of $1.11 by 9%. However, the bottom-line figure dropped 4% year over year.
The company’s third-quarter sales of $16,951 million missed the Zacks Consensus Estimate of $17,003 million by 0.3%. Raytheon’s sales, however, rose 5% from $16,213 million recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 32 cents by 3.1%. The bottom line improved a solid 153.8% year over year.
In the third quarter, net sales totaled $364.7 million, which lagged the Zacks Consensus Estimate of $391 million by 6.8%. However, Hexcel’s top line witnessed an improvement of 9.3% from the year-ago quarter.
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Aerojet Rocketdyne (AJRD) Q3 Earnings Top Estimates, Fall Y/Y
Shares of Aerojet Rocketdyne Holdings, Inc. gained 0.5% to reach $48.69 on Nov 2, following the company's third-quarter 2022 results.
The company reported third-quarter earnings per share (EPS) of 45 cents, which surpassed the Zacks Consensus Estimate of 44 cents by 2.3%. The bottom line, however, declined 22.4% year over year from 58 cents reported in the year-ago quarter.
Operational Performance
The company’s quarterly sales of $549.8 million inched up 0.8% from the year-ago quarter’s $545.3 million. The top line missed the Zacks Consensus Estimate by 1.6%. The year-over-year increase in net sales was on account of an improvement in Aerospace and Defense segment sales.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne Holdings, Inc. price-consensus-eps-surprise-chart | Aerojet Rocketdyne Holdings, Inc. Quote
Aerojet Rocketdyne’s backlog at the end of third-quarter 2022 totaled $6.7 billion, lower than $6.9 billion witnessed at the end of the second quarter of 2022. Of this, funded backlog amounted to $3 billion.
Total operating costs and expenses increased 4.8% to $496.5 million in the third quarter. Operating income of $53.3 million declined 25.4% from the prior-year period’s $71.4 million.
Segmental Performance
Aerospace & Defense: Revenues at this segment rose 0.8% year over year to $549.2 million from the previous year’s $544.7 million.
Real Estate: The segment generated revenues of $0.6 million, in line with the year-ago quarter’s reported revenues.
Financial Update
Aerojet Rocketdyne exited the third quarter with cash and cash equivalents of $334.5 million, down from $700.4 million as of Dec 31, 2021.
Long-term debt amounted to $292.1 million, down from $294.6 million as of Dec 31, 2021.
Operating cash outflow from continuing operations was $73.8 million as of Sep 30, 2022 against a cash inflow of $95.4 million in the year-ago period.
Free cash outflow at the end of the reported quarter was $98 million against the prior year’s free cash inflow of $78.1 million.
Zacks Rank
Aerojet Rocketdyne currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin (LMT - Free Report) reported third-quarter 2022 adjusted earnings of $6.87 per share, which surpassed the Zacks Consensus Estimate of $6.58 by 4.4%. The bottom line also improved 4.1% year over year.
Lockheed Martin’s net sales amounted to $16.58 billion, which missed the Zacks Consensus Estimate of $16.82 billion by 1.4%. The top line, however, rose 3.5% from $16.03 billion reported in the year-ago quarter.
Raytheon Technologies’ (RTX - Free Report) third-quarter 2022 adjusted earnings per share of $1.21 beat the Zacks Consensus Estimate of $1.11 by 9%. However, the bottom-line figure dropped 4% year over year.
The company’s third-quarter sales of $16,951 million missed the Zacks Consensus Estimate of $17,003 million by 0.3%. Raytheon’s sales, however, rose 5% from $16,213 million recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 32 cents by 3.1%. The bottom line improved a solid 153.8% year over year.
In the third quarter, net sales totaled $364.7 million, which lagged the Zacks Consensus Estimate of $391 million by 6.8%. However, Hexcel’s top line witnessed an improvement of 9.3% from the year-ago quarter.