Aerojet Rocketdyne Holdings, Inc. (AJRD - Free Report) reported third-quarter 2018 adjusted earnings of 42 cents per share, surpassing the Zacks Consensus Estimate of 30 cents by 40%.
Barring one-time adjustments, the company reported GAAP earnings of 82 cents per share, reflecting a massive growth from 17 cents registered in the year-ago quarter. This upside can be attributed to robust sales growth and improved operating income in the reported quarter.
In the quarter under review, the company’s revenues of $498.8 million witnessed a 3% year-over-year growth. The reported figure also surpassed the Zacks Consensus Estimate of $478 million by 4.4%.
Aerojet Rocketdyne’s total backlog at the end of the third quarter was $3.7 billion, which came slightly lowerthan $3.9 billion at the end of second quarter. Of this, funded backlog totaled $1.6 billion compared with $1.5 billion at second-quarter end.
Aerospace &Defense: The segment’s revenues were up 3% year over year to $497.2 million.The upside was driven by increased deliveries in terms of the Standard Missile, Guided Multiple Launch Rocket System, Terminal High Altitude Area Defense and Patriot Advanced Capability-3 programs.
The segment margin too expanded 1220 basis points (bps) to 21.7%, on account of risk retirements derived from RS-68 and RL-10 programs.
Retail Estate: The segment’s revenues of $1.6 million came in line with the year-ago quarter’s top-line figure.
Aerojet Rocketdyne exited the third quarter with cash and cash equivalents of $608.6 million, up from $535 million as of Dec 31, 2017.
Long-term debt amounted to $356.4 million, down from $591.4 million as of Dec 31, 2017.
Operating cash flow from continuing operations was $97 million as of Sep 30, 2018 compared with cash flow of $25.9 million in the year-ago period.
Free cash inflow at the end of the third quarter was $63.8 million compared to the year-ago quarter’s free cash outflow of $16.2 million.
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.
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Curtiss-Wright (CW - Free Report) reported third-quarter 2018 adjusted earnings of $1.70 per share, which outpaced the Zacks Consensus Estimate of $1.58 by 7.6%. The company’s revenues of $595.4 million increased 5% year over year.
FLIR Systems’ (FLIR - Free Report) third-quarter 2018 adjusted earnings of 57 cents per share came in line with the Zacks Consensus Estimate. Its revenues declined 6.4% year over year to $434.9 million.
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