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Aerojet Rocketdyne (AJRD) Q2 Earnings Top, Revenues Up Y/Y
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Aerojet Rocketdyne Holdings, Inc. reported second-quarter 2018 earnings of 45 cents per share, surpassing the Zacks Consensus Estimate of 26 cents by 73.1%. The reported figure was 40.6% higher than the year-ago quarter’s bottom line of 32 cents.
This year-over-year upside in earnings was driven by an improved operational performance in the reported quarter.
Operational Performance
In the quarter under review, the company’s revenues of $467.2 million witnessed 1.7% year-over-year growth. The reported number also surpassed the Zacks Consensus Estimate of $465 million by 0.5%.
Aerojet Rocketdyne’s total backlog at the end of second-quarter was $3.9 billion, which came in line with the backlog at the end of first quarter. Of this, funded backlog totaled $1.5 billion compared with $1.6 billion at first-quarter end.
Total operating expenses inched up 0.2% to $399.2 million in the second quarter. Operating income of $68 million improved 10.6% from $61.5 million a year ago.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerospace & Defense: The segment’s revenues were up 1.7% year over year to $465.6 million, driven by increased deliveries on the back of PAC-3 and Standard Missile programs.
Also, the segment margin expanded 220 basis points (bps) to 14.5%, which was primarily driven by risk retirements derived from RS-25 program coupled with better-than-expected overhead rate performance.
Retail Estate: The segment’s revenues of $1.6 million came in line with the year-ago quarter’s top-line figure.
Financial Update
Aerojet Rocketdyne exited the second quarter with cash and cash equivalents of $514.7 million, down from $535 million as of Dec 31, 2017.
Long-term debt was $581 million, down from $591.4 million as of Dec 31, 2017.
Operating cash inflow from continuing operations was $119.9 million as of Jun 30, 2018 compared with cash inflow of $40.8 million in the year-ago period.
Free cash inflow at the end of the second quarter was $111.8 million compared with the year-ago quarter’s tally of $37.4 million.
Boeing (BA - Free Report) reported adjusted earnings of $3.33 per share in second-quarter 2018, beating the Zacks Consensus Estimate of $3.24 by 2.8%.
Lockheed Martin’s (LMT - Free Report) second-quarter 2018 adjusted earnings came in at $4.31 per share, outpacing the Zacks Consensus Estimate of $3.89 by 10.8%.
Textron (TXT - Free Report) reported second-quarter 2018 earnings from continuing operations of 87 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 24.3%.
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Aerojet Rocketdyne (AJRD) Q2 Earnings Top, Revenues Up Y/Y
Aerojet Rocketdyne Holdings, Inc. reported second-quarter 2018 earnings of 45 cents per share, surpassing the Zacks Consensus Estimate of 26 cents by 73.1%. The reported figure was 40.6% higher than the year-ago quarter’s bottom line of 32 cents.
This year-over-year upside in earnings was driven by an improved operational performance in the reported quarter.
Operational Performance
In the quarter under review, the company’s revenues of $467.2 million witnessed 1.7% year-over-year growth. The reported number also surpassed the Zacks Consensus Estimate of $465 million by 0.5%.
Aerojet Rocketdyne’s total backlog at the end of second-quarter was $3.9 billion, which came in line with the backlog at the end of first quarter. Of this, funded backlog totaled $1.5 billion compared with $1.6 billion at first-quarter end.
Total operating expenses inched up 0.2% to $399.2 million in the second quarter. Operating income of $68 million improved 10.6% from $61.5 million a year ago.
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise | Aerojet Rocketdyne Holdings, Inc. Quote
Segmental Performance
Aerospace & Defense: The segment’s revenues were up 1.7% year over year to $465.6 million, driven by increased deliveries on the back of PAC-3 and Standard Missile programs.
Also, the segment margin expanded 220 basis points (bps) to 14.5%, which was primarily driven by risk retirements derived from RS-25 program coupled with better-than-expected overhead rate performance.
Retail Estate: The segment’s revenues of $1.6 million came in line with the year-ago quarter’s top-line figure.
Financial Update
Aerojet Rocketdyne exited the second quarter with cash and cash equivalents of $514.7 million, down from $535 million as of Dec 31, 2017.
Long-term debt was $581 million, down from $591.4 million as of Dec 31, 2017.
Operating cash inflow from continuing operations was $119.9 million as of Jun 30, 2018 compared with cash inflow of $40.8 million in the year-ago period.
Free cash inflow at the end of the second quarter was $111.8 million compared with the year-ago quarter’s tally of $37.4 million.
Zacks Rank
Aerojet Rocketdyne currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Defense Releases
Boeing (BA - Free Report) reported adjusted earnings of $3.33 per share in second-quarter 2018, beating the Zacks Consensus Estimate of $3.24 by 2.8%.
Lockheed Martin’s (LMT - Free Report) second-quarter 2018 adjusted earnings came in at $4.31 per share, outpacing the Zacks Consensus Estimate of $3.89 by 10.8%.
Textron (TXT - Free Report) reported second-quarter 2018 earnings from continuing operations of 87 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 24.3%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>