Aerojet Rocketdyne ( NYSE: AJRD ) -9.8% in Monday's trading after reporting a big miss on Q2 adjusted earnings and revenues that fell 5% Y/Y to $528M, primarily driven by declines in the Standard Missile, RS-25 and RS-68 programs.
Q2 net income dropped by nearly two-thirds to $16M, or $0.20/share, from $45M, or $0.54/share, in the year-earlier quarter, citing higher costs from supply chain disruptions and necessary technical and manufacturing changes on part of the Standard Missile program, as well as favorable contract performance on the RS-68 program a year ago.
"Our business remains strong, as robust orders contributed to our quarter-end backlog of $6.9B, just shy of our highest backlog recently recorded and equal to ~3x our annual sales," President and CEO Eileen Drake said.
Aerojet Rocketdyne's ( AJRD ) stock price return shows a 15% YTD decline and a 16% loss during the past year .
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Aerojet dives nearly 10% after sharp Q2 earnings miss, revenue decline