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Aerojet Rocketdyne (NYSE: AJRD) reports strong business performance with 2021 sales growth of 6% to $2.188 billion, adjusted EBITDAP up 10% to $298.5 million, and an 18% rise in adjusted EPS to $1.97. The company generated $162 million in free cash flow, exceeding management goals. However, a proxy fight led by Warren Lichtenstein and Steel Partners threatens company stability. Independent Directors urge shareholders to support their nominees over Steel Partners' slate for the Board elections, emphasizing the critical impact on future growth and strategic decisions.
Steel Partners Holdings, owning approximately 5.2% of Aerojet Rocketdyne (NYSE: AJRD), has nominated seven director candidates for the upcoming Annual Meeting. A Delaware court has issued a Temporary Restraining Order preventing certain directors from misusing company resources during this proxy contest. Steel Partners emphasizes its commitment to shareholder interests, noting that its nominees aim to enhance value creation through governance and operational strategies. The letter highlights concerns over management decisions amidst the termination of Lockheed Martin's acquisition attempt.
Aerojet Rocketdyne Holdings, Inc. reported record sales of $590 million for Q4 2021 and $2,188 million for the full year, reflecting a 6% increase year-over-year. The company boasts a substantial $6.8 billion backlog, over three times its annual sales, indicating strong growth potential. Adjusted EBITDAP margins improved to 12.0% for Q4 and 13.6% for the year. Despite challenges, net income rose to $143.7 million for the full year, aided by lower expenses. However, merger costs of $18.9 million and pension obligations remain noteworthy concerns.
Aerojet Rocketdyne Holdings (NYSE: AJRD) announced the termination of its merger agreement with Lockheed Martin on February 13, 2022. Despite this, the company remains optimistic about its future, citing a strong backlog over three times its annual sales. Aerojet has delivered a 166% return to shareholders over the past five years, outperforming both the Aerospace and Defense index by 33% and the S&P 500 by 62%. The company plans to discuss its financial performance and strategy in its upcoming earnings report on February 17, 2022.
Lockheed Martin (NYSE: LMT) announced the termination of its acquisition agreement for Aerojet Rocketdyne (NYSE: AJRD) due to a lawsuit from the U.S. Federal Trade Commission (FTC) seeking to block the deal. CEO James Taiclet stated that ending the transaction serves the best interests of stakeholders, despite potential benefits for the industry. Lockheed Martin will focus on capital efficiency and returning value to shareholders while remaining committed to supporting its defense supply chain.
Aerojet Rocketdyne has successfully tested an advanced solid rocket motor as part of the U.S. Army's Low Cost Tactical Extended Range Missile (LC-TERM) Technology Program. This test, conducted in Camden, Arkansas, showcased lower weight components and higher performance propulsion technologies to extend the range of the Multiple Launch Rocket System (MLRS). The motor met all test requirements, demonstrating the company’s capability to enhance warfighter effectiveness. The LC-TERM program aims to mature tactical missile technologies for the Long Range Precision Fires missile portfolio.
Aerojet Rocketdyne has successfully developed and tested a Stored Chemical Energy Propulsion (SCEPS) lithium boiler for potential use in U.S. Navy torpedoes, enhancing the capabilities of the MK 54 MOD 2 torpedo. Eileen P. Drake, CEO, emphasized the company's commitment to delivering high-quality products while independently funding the project. The SCEPS system utilizes an energetic chemical reaction to power steam turbines and is also poised for future applications in other advanced undersea systems, supporting national security.
Aerojet Rocketdyne Holdings has acknowledged a stockholder nomination for its upcoming 2022 annual meeting from SPH Group Holdings, which proposes a slate including four incumbent directors. This includes Executive Chairman Warren G. Lichtenstein. The company is also conducting an internal investigation involving Lichtenstein, overseen by independent directors, not linked to business operations or finances. No action is required from stockholders at this time, as the company reviews the nomination for compliance with bylaws.
On January 25, 2022, Lockheed Martin and Aerojet Rocketdyne announced they would not finalize their merger before January 27, 2022, as they engage with the Federal Trade Commission (FTC) regarding merchant supply and firewall commitments. The FTC has indicated that its concerns can't be resolved under the proposed consent order, suggesting a likely lawsuit to block the transaction. If pursued, Lockheed Martin may defend against the lawsuit or terminate the merger. Despite the regulatory hurdles, Aerojet Rocketdyne maintains that the merger would benefit the U.S., allies, and stakeholders.
NASA's DART mission, launched on Nov. 23, 2021, aims to test asteroid deflection methods using kinetic impact. Supported by Aerojet Rocketdyne's propulsion systems, the spacecraft targets a moonlet near asteroid Didymos, located about 6.8 million miles from Earth. If successful, the impact will alter the moonlet's orbit, showcasing a potential method for protecting Earth from future asteroid threats. The mission utilizes Aerojet Rocketdyne's chemical and electric propulsion technologies, demonstrating their capability for future deep space missions.