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Aerojet Rocketdyne (AJRD) Q1 Earnings Lag Estimates, Fall Y/Y
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Aerojet Rocketdyne Holdings, Inc. reported first-quarter 2020 earnings per share (EPS) of 37 cents, which missed the Zacks Consensus Estimate of 46 cents by 19.6%. The bottom line also declined 21.3% year over year from 47 cents reported in the year-ago quarter.
Operational Performance
The company’s first-quarter revenues of $476.1 million declined 3.2% from the year-ago quarter’s $491.7 million. Moreover, the top line lagged the Zacks Consensus Estimate of $517 million by 7.9%. The decrease in net sales was primarily led by a decline in space program sales.
Aerojet Rocketdyne’s backlog at the end of first-quarter 2020 totaled $5.2 billion, lower than $5.4 billion at the end of 2019. Of this, funded backlog amounted to $3.3 billion compared with $2.1 billion at 2019-end.
Total operating expenses decreased 2.2% to $419 million in the first quarter. Meanwhile, operating income of $57.1 million declined 9.8% from $63.3 million a year ago.
Segmental Performance
Aerospace & Defense: Revenues at this segment declined 3.2% year over year to $474.4 million from the previous year’s $490 million.
Real Estate: The segment generated revenues of $1.7 million, which remained in line with the year-ago quarter’s figure.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne exited the first quarter with cash and cash equivalents of $902.6 million, down from $932.6 million as of Dec 31, 2019.
Long-term debt amounted to $345.3 million, down from $352.3 million as of Dec 31, 2019.
Operating cash outflow from continuing operations summed $17.1 million as of Mar 31, 2020, compared with cash outflow of $95.4 million in the year-ago period.
Free cash outflow at the end of the reported quarter was $20.1 million compared with $19.2 million a year ago.
Lockheed Martin Corp. (LMT - Free Report) reported first-quarter 2020 earnings of $6.08 per share, which surpassed the Zacks Consensus Estimate of $5.76 by 5.5%. The bottom line also improved 1.5% from the year-ago quarter’s $5.99.
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2020 earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate of $2.10 by 8.6%. The bottom line also improved 12.9% from the year-ago quarter’s $2.02.
An Upcoming Release
Huntington Ingalls Industries (HII - Free Report) , a Zacks Rank #3 company, is scheduled to report first-quarter 2020 results on May 7.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Aerojet Rocketdyne (AJRD) Q1 Earnings Lag Estimates, Fall Y/Y
Aerojet Rocketdyne Holdings, Inc. reported first-quarter 2020 earnings per share (EPS) of 37 cents, which missed the Zacks Consensus Estimate of 46 cents by 19.6%. The bottom line also declined 21.3% year over year from 47 cents reported in the year-ago quarter.
Operational Performance
The company’s first-quarter revenues of $476.1 million declined 3.2% from the year-ago quarter’s $491.7 million. Moreover, the top line lagged the Zacks Consensus Estimate of $517 million by 7.9%. The decrease in net sales was primarily led by a decline in space program sales.
Aerojet Rocketdyne’s backlog at the end of first-quarter 2020 totaled $5.2 billion, lower than $5.4 billion at the end of 2019. Of this, funded backlog amounted to $3.3 billion compared with $2.1 billion at 2019-end.
Total operating expenses decreased 2.2% to $419 million in the first quarter. Meanwhile, operating income of $57.1 million declined 9.8% from $63.3 million a year ago.
Segmental Performance
Aerospace & Defense: Revenues at this segment declined 3.2% year over year to $474.4 million from the previous year’s $490 million.
Real Estate: The segment generated revenues of $1.7 million, which remained in line with the year-ago quarter’s figure.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne Holdings, Inc. price-consensus-eps-surprise-chart | Aerojet Rocketdyne Holdings, Inc. Quote
Financial Update
Aerojet Rocketdyne exited the first quarter with cash and cash equivalents of $902.6 million, down from $932.6 million as of Dec 31, 2019.
Long-term debt amounted to $345.3 million, down from $352.3 million as of Dec 31, 2019.
Operating cash outflow from continuing operations summed $17.1 million as of Mar 31, 2020, compared with cash outflow of $95.4 million in the year-ago period.
Free cash outflow at the end of the reported quarter was $20.1 million compared with $19.2 million a year ago.
Zacks Rank
Aerojet Rocketdyne currently carries a Zacks Rank #3 (Hold). 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 first-quarter 2020 earnings of $6.08 per share, which surpassed the Zacks Consensus Estimate of $5.76 by 5.5%. The bottom line also improved 1.5% from the year-ago quarter’s $5.99.
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2020 earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate of $2.10 by 8.6%. The bottom line also improved 12.9% from the year-ago quarter’s $2.02.
An Upcoming Release
Huntington Ingalls Industries (HII - Free Report) , a Zacks Rank #3 company, is scheduled to report first-quarter 2020 results on May 7.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>