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Aerojet Rocketdyne Foundation partners with Girl Scouts of the USA to enhance STEM skills among girls through rocketry. Starting November 1, councils gain access to tools for model rocketry education, culminating in the American Rocketry Challenge. Girls will learn vital skills for aerospace careers while competing for $100,000 in prizes. This initiative aims to bridge the gender gap in STEM fields by providing young women with hands-on experiences. The registration deadline for the challenge is December 1, 2021, with finals taking place in May 2022.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) reported Q3 2021 net sales of $545.3 million, a 3% increase year-over-year. Net income rose to $42.6 million, reflecting a higher net income as a percentage of sales at 7.8%. Adjusted net income reached $47.8 million, boosting adjusted EPS to $0.58. The company’s backlog hit a record $7.0 billion, with $2.3 billion projected for conversion to sales in the next 12 months. However, the company incurred $20.8 million in merger-related costs and settled $154.1 million of its 2¼% Notes, impacting its financial performance.
Aerojet Rocketdyne's RS-25 engine test at NASA's Stennis Space Center concluded the Retrofit-2 series, validating cost-effective components for future engines. The engine exceeded its design power rating during a full-duration firing of 500 seconds. The Retrofit-2 series achieved a 30% cost reduction compared to previous RS-25 models from the Space Shuttle program. Upcoming tests will further confirm the advances in design and technology with the next Retrofit-3 series starting later this year.
Aerojet Rocketdyne successfully transitioned large solid rocket motor operations from Sacramento to Camden, Arkansas, as demonstrated in a recent test of the eSR-73 motor. This motor, weighing 7,800 pounds and measuring 52 inches in diameter, is part of a critical defense initiative. The Camden site has increased its workforce by over 70% in five years and is equipped to meet national defense demands. The test reinforces Aerojet Rocketdyne's capabilities in advanced solid rocket motors, utilizing state-of-the-art materials and technologies to enhance production readiness.
Aerojet Rocketdyne has been awarded a contract by NASA to manufacture the Orion Main Engine (OME) for the Artemis program, which runs until 2032. The OME is crucial for the Orion spacecraft's deep space missions, providing 6,000 pounds of thrust for significant maneuvers such as entering lunar orbit. Aerojet Rocketdyne will deliver up to 20 new OME engines, demonstrating its expertise as they adapt modern manufacturing techniques. The company will continue supporting the Artemis missions, contributing to NASA's efforts in lunar exploration.
Aerojet Rocketdyne has completed a $59 million expansion of its Los Angeles facility, aimed at enhancing production capacity for RS-25 main engines, essential for NASA’s Artemis program. This expansion adds 30,000 square feet of manufacturing space and incorporates advanced technologies, including additive manufacturing and new testing facilities. The RS-25 engines will help launch astronauts to the Moon, generating over two million pounds of thrust. The facility's upgrades are expected to meet NASA’s future human exploration needs.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced its participation in the Jefferies 2021 Industrials Conference, set for August 3, 2021. Chief Financial Officer Dan Boehle will present from 8-8:25 a.m. PDT / 11-11:25 a.m. EDT. A live webcast of the presentation will be available on the company’s website and archived for 90 days. Aerojet Rocketdyne, based in El Segundo, California, specializes in aerospace and defense products and systems, and also manages excess real estate assets.
Aerojet Rocketdyne reported a strong second quarter with net sales of $556.9 million, a 9% increase year-over-year, driven by programs like GBSD and ATACMS. The net income rose to $45.0 million with a margin of 8.1%. Adjusted EBITDAP reached $86.6 million, reflecting a 15.6% margin. The company’s backlog remains robust at $6.7 billion, with $2.2 billion expected to convert to revenue in the next year. However, merger-related costs of $13.6 million and a pre-tax charge of $9.6 million from debt settlements were noted.
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Aerojet Rocketdyne announced the delivery of its 1,000th propulsion system for the PAC-3 missile on May 20, 2021. This milestone highlights the company’s long-standing commitment to the PAC-3 air defense missile system, utilizing advanced hit-to-kill technology. The Camden, Arkansas facility is undergoing expansion to enhance production capacity and efficiency, supporting next-gen Army requirements. The new site aims to reduce costs and improve safety. Aerojet Rocketdyne’s propulsion systems empower all PAC-3 variants currently in production.