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Shares of Aerojet Rocketdyne Holdings, Inc. slipped 0.7% to reach $56.02 on May 9, following the company's first-quarter 2023 results.
The company reported first-quarter adjusted earnings per share (EPS) of 43 cents, which missed the Zacks Consensus Estimate of 44 cents by 2.3%.
Operational Performance
Aerojet Rocketdyne’s total sales of $566.3 million rose 10.8% from $511.1 million in the prior-year period. The top line, however, missed the Zacks Consensus Estimate by 4.8%.
This year-over-year increase can be attributed to an improvement in Aerospace and Defense segment sales.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
The company’s backlog for the first quarter totaled $6.8 billion, which was in line with the backlog recorded at the end of 2022. Of this amount, funded backlog amounted to $3 billion.
Total operating costs and expenses totaled $533 million, up 13.8% from the year-ago quarter’s level. Operating income of $33.3 million declined 22% from the prior-year period’s $42.7 million.
Segmental Performance
Aerospace & Defense: Revenues at this segment rose 10.8% to $565.7 million from $510.5 million a year ago.
Real Estate: This segment generated revenues of $0.6 million, which was in line with the year-ago quarter’s level.
Financial Update
Aerojet Rocketdyne exited the first quarter with cash and cash equivalents of $272.5 million, down from $322.1 million as of Dec 31, 2022.
Long-term debt amounted to $284.9 million compared with $288.4 million as of Dec 31, 2022.
Operating cash outflow from continuing operations totaled $32.8 million as of Mar 31, 2023, compared with $75 million a year ago.
Free cash outflow came in at $34.4 million compared with $77.2 million in the prior-year quarter.
The Boeing Company (BA - Free Report) incurred an adjusted loss of $1.27 per share in the first quarter of 2023, wider than the Zacks Consensus Estimate of a loss of 98 cents. However, the bottom line improved from the year-ago quarter’s reported loss of $2.75 per share.
Boeing’s revenues amounted to $17.92 billion, which beat the Zacks Consensus Estimate of $17.36 billion by 3.3%. The top line also improved 28% from the year-ago quarter’s reported figure of $13.99 billion.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line also improved massively from the year-ago quarter’s level of 22 cents, highlighting solid growth of 127.3%.
The company registered GAAP earnings of 50 cents per share compared with the prior-year quarter’s 21 cents.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2023 adjusted earnings of $6.43 per share, which outpaced the Zacks Consensus Estimate of $6.07 by 5.9%. However, the bottom line was on par with the year-ago quarter's level.
Net sales amounted to $15.13 billion in the reported quarter, which outpaced the Zacks Consensus Estimate of $14.87 billion by 1.9%. The top line also rose 1.1% from $14.96 billion recorded in the year-ago quarter.
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Aerojet Rocketdyne (AJRD) Q1 Earnings Lag, Sales Rise Y/Y
Shares of Aerojet Rocketdyne Holdings, Inc. slipped 0.7% to reach $56.02 on May 9, following the company's first-quarter 2023 results.
The company reported first-quarter adjusted earnings per share (EPS) of 43 cents, which missed the Zacks Consensus Estimate of 44 cents by 2.3%.
Operational Performance
Aerojet Rocketdyne’s total sales of $566.3 million rose 10.8% from $511.1 million in the prior-year period. The top line, however, missed the Zacks Consensus Estimate by 4.8%.
This year-over-year increase can be attributed to 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
The company’s backlog for the first quarter totaled $6.8 billion, which was in line with the backlog recorded at the end of 2022. Of this amount, funded backlog amounted to $3 billion.
Total operating costs and expenses totaled $533 million, up 13.8% from the year-ago quarter’s level. Operating income of $33.3 million declined 22% from the prior-year period’s $42.7 million.
Segmental Performance
Aerospace & Defense: Revenues at this segment rose 10.8% to $565.7 million from $510.5 million a year ago.
Real Estate: This segment generated revenues of $0.6 million, which was in line with the year-ago quarter’s level.
Financial Update
Aerojet Rocketdyne exited the first quarter with cash and cash equivalents of $272.5 million, down from $322.1 million as of Dec 31, 2022.
Long-term debt amounted to $284.9 million compared with $288.4 million as of Dec 31, 2022.
Operating cash outflow from continuing operations totaled $32.8 million as of Mar 31, 2023, compared with $75 million a year ago.
Free cash outflow came in at $34.4 million compared with $77.2 million in the prior-year quarter.
Zacks Rank
Aerojet Rocketdyne currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
The Boeing Company (BA - Free Report) incurred an adjusted loss of $1.27 per share in the first quarter of 2023, wider than the Zacks Consensus Estimate of a loss of 98 cents. However, the bottom line improved from the year-ago quarter’s reported loss of $2.75 per share.
Boeing’s revenues amounted to $17.92 billion, which beat the Zacks Consensus Estimate of $17.36 billion by 3.3%. The top line also improved 28% from the year-ago quarter’s reported figure of $13.99 billion.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line also improved massively from the year-ago quarter’s level of 22 cents, highlighting solid growth of 127.3%.
The company registered GAAP earnings of 50 cents per share compared with the prior-year quarter’s 21 cents.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2023 adjusted earnings of $6.43 per share, which outpaced the Zacks Consensus Estimate of $6.07 by 5.9%. However, the bottom line was on par with the year-ago quarter's level.
Net sales amounted to $15.13 billion in the reported quarter, which outpaced the Zacks Consensus Estimate of $14.87 billion by 1.9%. The top line also rose 1.1% from $14.96 billion recorded in the year-ago quarter.