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Aerojet Rocketdyne has successfully completed a series of altitude hot fire tests for its next-generation RL10C-X engine, achieving a thrust of approximately 24,000 pounds. This testing, which simulates the vacuum of space, validated the engine's ability to execute typical mission profiles and multiple restarts. The RL10C-X incorporates advanced 3D printing technology to enhance performance and reduce costs. With over 5,000 seconds of full engine hot fire time, the program demonstrates significant progress and positions the RL10C-X for operational readiness, supporting future missions for the U.S. Air Force and United Launch Alliance.
Aerojet Rocketdyne's engines powered the successful launch of a United Launch Alliance Delta IV Heavy rocket, carrying a classified NRO payload on April 26, 2021. CEO Eileen P. Drake highlighted the company's 100% mission success for nearly two decades, crediting their RS-68 and RL10 engines for reliability. The RS-68A engine generates 705,000 pounds of thrust and is recognized as the world’s most powerful hydrogen-fueled engine. The launch underscores Aerojet Rocketdyne's role in national security and its ongoing contributions to aerospace defense.
Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) reported Q1 2021 results with net sales of $496.1 million, up 4% YOY, yet net income fell to $18.1 million from $31.4 million. Earnings Per Share decreased to $0.22. The backlog as of March 31, 2021, is $6.3 billion, down from $6.7 billion. The company faces challenges including merger-related costs of $7.5 million and a $9.1 million charge from settling 2¼% Notes. The anticipated merger with Lockheed Martin is expected to close later in 2021.
Aerojet Rocketdyne announced the completion of its RS-68A hydrogen-fueled rocket engine's final hot-fire acceptance test at NASA’s Stennis Space Center. The RS-68A, pivotal in the ULA Delta IV Heavy rocket, generates over 2 million pounds of thrust. Aerojet Rocketdyne has successfully flown 65 of these engines, maintaining a flawless performance record. The RS-68A engine, known for its reliability and cost-effectiveness, has been in use for more than 15 years. The Delta IV Heavy is the primary heavy-lift vehicle for the U.S., with four launches remaining.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced the payment of a special cash dividend of $5.00 per share to common shareholders and convertible senior noteholders, effective March 10, 2021. This dividend is linked to Lockheed Martin's acquisition of Aerojet Rocketdyne, which adjusts the acquisition consideration from $56.00 to $51.00 per share. The transaction is expected to close in the second half of 2021, pending regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act.
Aerojet Rocketdyne has been selected by Lockheed Martin to provide propulsion for the Next Generation Interceptor (NGI) program, as part of a contract awarded by the Missile Defense Agency (MDA) for the program's Technology Development phase. This initiative aims to enhance the U.S. missile defense system against intercontinental ballistic missiles. Aerojet Rocketdyne's CEO, Eileen P. Drake, emphasized the company's experience and advanced technologies, asserting their commitment to affordable propulsion solutions. The company supports several MDA programs with its propulsion systems.
The Missile Defense Agency has selected Lockheed Martin (LMT) and Aerojet Rocketdyne (AJRD) for a $3.7 billion contract to develop the Next Generation Interceptor (NGI). This project aims to modernize the current Ground-based Midcourse Defense system and enhance U.S. missile defense against intercontinental ballistic missiles. The NGI will feature an all-up-round design, integrating a booster and hit-to-kill payload, with launch facilities at Ft. Greely, AK, and Vandenberg AFB, CA. Lockheed Martin's advanced system is expected to improve operational reliability and threat response capabilities.
Aerojet Rocketdyne successfully conducted a second hot fire test of its RS-25 rocket engines on March 18, 2021, marking a significant achievement for NASA's Space Launch System (SLS). This test evaluated the core stage's performance, simulating an actual SLS flight for 499 seconds and generating over 1.6 million pounds of thrust. The core stage will now undergo inspections before heading to NASA’s Kennedy Space Center for the Artemis I mission, which aims to return astronauts to the Moon. SLS promises enhanced payload capacity and reduced mission complexity.
Aerojet Rocketdyne Holdings will participate in the J.P. Morgan Industrials Conference on March 15, 2021. CFO Dan Boehle is set to present at 1:10 p.m. EDT / 10:10 a.m. PDT. The presentation will be accessible via a live webcast on the company's website and will be archived for 30 days.
Aerojet Rocketdyne is a leading manufacturer of aerospace and defense products, based in El Segundo, California. For more details, visit their official sites at www.rocket.com and www.aerojetrocketdyne.com.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced stockholder approval for its acquisition by Lockheed Martin Corporation (NYSE: LMT) on March 9, 2021. Approximately 99.76% of voted shares supported the merger, representing about 78.78% of all common stock. The deal is projected to close in the second half of 2021, pending regulatory approvals and other conditions. Forward-looking statements indicate risks including potential delays and regulatory hurdles that may impact the merger's completion.