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March 31, 2020

Aerojet Rocketdyne Holdings, Inc. (AJRD – Q4FY19 & FY19) – Robust revenue growth for FY21, backed by strong backlog.

Aerojet Rocketdyne, the nation’s leading provider of space propulsion and power systems, has made arrangements with the INFINITY Science Center to have the world’s most powerful hydrogen-fueled rocket engine, the RS-68, on display for public viewing. Aerojet Rocketdyne is providing the engine to the INFINITY Science Center under a long-term loan agreement. Executive Summary Financial […]

March 30, 2020

Airbus SE (AIR.PA – Q4FY19 & FY19) – Bottom-line impacted hard due to penalties & A400M charge; COVID-19 measures announced.

Airbus and IQ have agreed to acquire Bombardier’s remaining stake in ACLP. This brings their holdings to 75% and 25% respectively. As part of this transaction, Airbus, via its wholly owned subsidiary Stelia Aerospace, has also acquired the A220 and A330 work package production capabilities from Bombardier in Ville Saint-Laurent, Quebec. Airbus will pay a […]

March 30, 2020

Axon Enterprise, Inc. (AAXN – Q4FY19 & FY19) – Top-line fuels Axon growing business, however XSPP is a huge toll on its bottom-line in FY19.

Axon, announced that more than 1,000 Axon Body 3 cameras are now deployed in Cincinnati as part of a previously announced order of the Officer Safety Plan 7+. The plan includes several products on the Axon network including TASER 7, Axon Body 3, unlimited Axon Evidence (Evidence.com), the new advanced AIpowered tool, Redaction Assistant, and […]

March 23, 2020

Ducommun Inc. (DCO – Q4FY19 & FY19) – Strong operational performance; Leveraging on broader customer base as 737 Max is still glued.

Ducommun Incorporated announced that its Lightning Diversion Systems (LDS) brand, a global leader in the design and manufacture of segmented lightning diverter strips and protection devices for aerospace and defense markets, has signed an exclusive licensing agreement with Wichita State University (WSU) for advanced lightning strike protection technology to be used on wind turbines. Executive […]

March 20, 2020

Hexcel Corporation (HXL – Q4FY19) – Despite of growing margins and solid FCF generation; Uncertainty prevails due to 737 max.

Hexcel is collaborating with Madshus, a leading innovator in the world of cross-country skiing, on the engineering of a range of next-generation dry carbon fiber tapes for Madshus’ acclaimed cross-country racing skies. Hexcel’s new HiTape® Dry Carbon Tapes improve the performance, manufacturing efficiency and surface finish of Madshus Skis. Hexcel supplies Madshus with three different […]

March 16, 2020

Raytheon Company (RTN – Q4FY19 & FY19) – Strong FY19 performance; Set for upcoming Collin Aerospace merger.

Raytheon Comp. and United Technologies Corp. have entered into an agreement to combine in an all-stock merger of equals, with combined market value of close to $166bn and the combination will have annual revenue of $74bn, making it the second-largest aerospace & defense company in the U.S. by revenue. Executive Summary Financial Statements – Income […]

March 13, 2020

Northrop Grumman Corporation (NOC – Q4FY19) – Mixed FY19 performance; Strong order pipeline primarily driven by higher U.S. defence budget.

Northrop Grumman Corporation and the company’s wholly-owned subsidiary, SpaceLogistics LLC, have successfully completed the first docking of the Mission Extension Vehicle-1 (MEV-1) to the Intelsat 901 (IS- 901) spacecraft in order to provide life-extension services. This historic accomplishment marks the first time two commercial satellites have docked in orbit and the first time that mission […]

March 11, 2020

General Dynamics Corporation (GD – Q4FY19 &FY19) – Robust growth expected due to strong order book backed by solid backlog.

General Dynamics Mission Systems announced it was awarded a contract for the Army Consolidated Product Line Management Plus (CPM Plus) Program from the Army Contracting Command in Orlando, Florida. CPM Plus is an eight year, single-award, indefinite-delivery, indefinite-quantity, cost-plus fixed-fee/firm-fixed price contract with a ceiling of $883 million. Executing the contract will improve the Army’s […]

March 5, 2020

The Boeing Co (BA – Q4FY19 & FY19)- 737 Max – The Uncertainty Prevails

Boeing the commercial & defense aircraft manufacturer, reported worst than expected Q4FY19 results and incurred its first annual loss in over 22 years, admitting the grounding of its 737 Max plane could end up costing $18.6bn. At Defense, Space & Security, the industry environment is positive as the Defense Appropriations Bill in place.The long-term outlook […]

February 26, 2020

Mercury Systems, Inc. (MRCY – Q2FY20)- Favorable growth environment; Robust M&A pipeline; Raised guidance

Mercury Systems M&A pipeline is robust and seeing interesting opportunities of varying sizes that are consistent with its strategy. The company used M&A strategically in three ways; to expand its capability set, gain access to adjacent markets, and then to penetrate those markets over time. Executive Summary Financial Statements – Income Statement and Forecast – […]

February 14, 2020

United Technologies Corporation (UTX – Q4FY19 & FY19)- Overall strong FY19 results; UTC is set to split into 3 independent companies in early Q2FY20

United Technologies emerged with strong fourth quarter and annual results in FY19. In a year of unprecedented change, UTC delivered record sales, adjusted EPS and FCF in 2019 on continued aerospace strength and a return to profit growth at Otis. Collins Aerospace continued to deliver strong performance and achieved ~$300mn in cost synergies during the […]

February 10, 2020

Axon Enterprise, Inc. (AAXN – Q3FY19)-Top-line fuels Axon growing business, but operating expenses is a huge toll on its bottom-line

Drivers of revenue growth were primarily higher TASER 7 unit shipments, international demand for Axon Cloud services, increased demand for the legacy TASER devices, and growth of Axon Fleet in-car video systems. Executive Summary Financial Statements – Income Statement and Forecast – Balance Sheet – Cash Flow – Results Overview – Company Overview – Segment […]

January 27, 2020

Huntington Ingalls Industries Inc. (HII – Q3FY19)-Backlog and new contracts help Huntington sail, despite turbulent quarterly margins

Global military shipbuilding and submarines industry caught pace in the recent past after easing of pressure in defence spending in the United States and European markets. Last five years saw the industry grow annually at 2.1% and capture total revenue of $65bn in 2019. The Department of Navy was allocated a budget of $194bn for […]

January 27, 2020

Aerojet Rocketdyne Holdings, Inc. (AJRD – Q3FY19)-Robust revenue growth for FY20, backed by strong backlog and improving Operational efficiency

AR Holdings, Inc. develops and manufactures propulsion systems for defense and space applications, as well as armaments for precision tactical and long-range weapon systems applications. ~95% of the company’s revenue is directly or indirectly attributable to the sales made to the US government. In addition to the services provided to the US government, the company […]

January 17, 2020

BWX Technologies Inc. (BWXT – Q3FY19)-Q3FY19 consolidated revenue was 506mn, topline growth was up by 18.9%

BWX Technologies posted a record Q3FY19 result with consolidated revenue of $506mn, 18.9% up from Q3FY19 revenue of $435mn. Non-GAAP earnings per share stood at $0.79 which nearly doubled the same period figure of the last year. The management has increased its EPS guidance to $2.55 (from a previous EPS of $2.5) for FY19. Executive […]

July 3, 2019

The Boeing Co. (BA) – Focused on 737 MAX safe return to service, although fundamentals remain strong

737 Max is a cash cow for Boeing that accounts for a third of its profit and has since delivered about 370 737 Max from a backlog of more than 5,000 orders. The greater risk is to the reputation and future sales that was just establishing its bona fides with airlines. Number of pages – 52 […]