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Aerojet Rocketdyne (AJRD) Q2 Earnings Top Estimates, Rise Y/Y

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Shares of Aerojet Rocketdyne Holdings, Inc. AJRD dipped 1.2% to reach $46.80 on Jul 27, reflecting investor skepticism following the company's second-quarter 2021 results.

The company reported second-quarter earnings per share (EPS) of 59 cents, which surpassed the Zacks Consensus Estimate of 44 cents by 34.1%. The bottom line also improved 28.3% year over year from 46 cents reported in the year-ago quarter.

Operational Performance

The company’s quarterly sales of $556.9 million improved 8.7% from the year-ago quarter’s $512.4 million. The top line also exceeded the Zacks Consensus Estimate by 3.9%. This year-over-year increase in net sales was primarily led by a rise in Aerospace and Defense segment sales.

Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise

Aerojet Rocketdyne Holdings, Inc. Price, Consensus and EPS Surprise
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 second-quarter 2021 totaled $6.7 billion, higher than $5.3 billion witnessed at the end of the first quarter of 2021. Of this, funded backlog amounted to $3 billion.

Total operating expenses increased 8.8% to $446.1 million in the second quarter. Operating income of $74.3 million rose 7.7% from the prior-year period’s $69 million.

Segmental Performance

Aerospace & Defense: Revenues at this segment improved 8.6% year over year to $556 million from the previous year’s $511.9 million.

Real Estate: The segment generated revenues of $0.9 million compared with the year-ago quarter’s reported revenues of $0.5 million.

Financial Update

Aerojet Rocketdyne exited the second quarter with cash and cash equivalents of $571.3 million, down from $1,149.5 million as of Dec 31, 2020.

Long-term debt amounted to $310.4 million, down from $324.4 million as of Dec 31, 2020.

Operating cashflow from continuing operations was $20.2 million as of Jun 30, 2021, compared with cash flow of $127.6 million in the year-ago period.

Free cash flow at the end of the reported quarter was $7.9 million compared with the prior year’s $111.4 million.

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

Raytheon Technologies’ RTX second-quarter 2021 adjusted earnings per share (EPS) of $1.23 outpaced the Zacks Consensus Estimate of 92 cents by 33.7%.

Lockheed Martin LMT reported second-quarter 2021 adjusted earnings of $7.13 per share, which surpassed the Zacks Consensus Estimate of $6.51 by 9.5%.

Hexcel Corporation HXL reported second-quarter 2021 adjusted earnings of 8 cents per share, which exceeded the Zacks Consensus Estimate of a penny.


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Aerojet Rocketdyne Holdings, Inc. (AJRD) : Free Stock Analysis Report

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