Aerojet Rocketdyne Holdings, Inc. Reports Third Quarter 2016 Results

EL SEGUNDO, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) today reported results for the third quarter ended September 30, 2016.

Financial Overview

Third quarter of fiscal 2016 compared to third quarter of fiscal 2015
  • Net sales for the third quarter of fiscal 2016 totaled $463.8 million compared to $441.0 million for the third quarter of fiscal 2015. 
  • Net loss for the third quarter of fiscal 2016 was $(11.1) million, or $(0.17) loss per share, compared to net loss of $(37.9) million, or $(0.61) loss per share, for the third quarter of fiscal 2015. Net loss for the third quarter of fiscal 2016 included (i) a pre-tax charge of $34.1 million associated with a debt redemption and (ii) a pre-tax expense of $16.4 million associated with environmental remediation reserve requirements. Net loss for the third quarter of fiscal 2015 included (i) a pre-tax expense of $50.0 million associated with a legal settlement and (ii) a pre-tax expense of $29.5 million associated with environmental remediation reserve requirements.
  • Adjusted EBITDAP (Non-GAAP measure*) for the third quarter of fiscal 2016 was $34.5 million, or 7.4% of net sales, compared to $35.7 million, or 8.1% of net sales, for the third quarter of fiscal 2015.
  • Segment performance (Non-GAAP measure*) before environmental remediation provision adjustments, retirement benefit plan expense, net, and unusual items was $41.0 million for the third quarter of fiscal 2016, compared to $55.9 million for the third quarter of fiscal 2015.
  • Cash provided by operating activities in the third quarter of fiscal 2016 totaled $45.1 million, compared to $42.1 million of cash provided by operating activities in the third quarter of fiscal 2015. 
  • As of September 30, 2016, we had $2.3 billion of funded backlog compared to $2.4 billion as of November 30, 2015.

First nine months of fiscal 2016 compared to first nine months of fiscal 2015
  • Net sales for the first nine months of fiscal 2016 totaled $1,229.1 million compared to $1,221.8 million for the first nine months of fiscal 2015. Sales for the first nine months of fiscal 2015 included $42.0 million related to the sale of 550 acres of land.
  • Net loss for the first nine months of fiscal 2016 was $(0.1) million, or $0.00 loss per share, compared to net loss of $(23.9) million, or $(0.39) loss per share, for the first nine months of fiscal 2015. Net loss for the first nine months of fiscal 2016 included (i) a pre-tax charge of $34.1 million associated with a debt redemption and (ii) a pre-tax expense of $16.9 million associated with environmental remediation reserve requirements. Net loss for the first nine months of fiscal 2015 included the following: (i) a pre-tax expense of $50.0 million associated with a legal settlement; (ii) a pre-tax expense of $33.2 million associated with environmental remediation reserve requirements; and (iii) an after-tax gain of $17.9 million related to the sale of 550 acres of land.
  • Adjusted EBITDAP (Non-GAAP measure*) for the first nine months of fiscal 2016 was $126.0 million, or 10.3% of net sales, compared to $156.3 million, or 12.8% of net sales, for the first nine months of fiscal 2015.
  • Segment performance (Non-GAAP measure*) before environmental remediation provision adjustments, retirement benefit plan expense, net, and unusual items was $117.4 million for the first nine months of fiscal 2016, compared to $167.4 million for the first nine months of fiscal 2015.
  • Cash provided by operating activities in the first nine months of fiscal 2016 totaled $48.9 million, compared to $70.5 million of cash provided by operating activities in the first nine months of fiscal 2015. Cash provided by operating activities for the first nine months of fiscal 2015 included $40.0 million of cash related to the sale of the 550 acres of land.

_________* The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). A reconciliation of the Non-GAAP measures to the most directly comparable GAAP measures is included at the end of the release.

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