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Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) reported strong Q4 and full-year 2020 results, achieving record sales of $557 million in Q4 and over $2 billion for the year, a 5% increase from 2019. Net income for Q4 rose to $35.4 million, with adjusted EPS of $0.47. The company has a backlog of $6.7 billion, with $2.2 billion expected to convert to sales in the next year. The announced merger with Lockheed Martin, valued at $5 billion, includes a $5.00 per share pre-closing dividend. Despite challenges, the CEO expressed confidence in future performance.
Aerojet Rocketdyne is poised to play a vital role in NASA’s Perseverance rover landing on Mars scheduled for Feb. 18, 2021. This marks the 9th Mars landing for NASA, and Aerojet Rocketdyne has contributed to all previous missions. The company's propulsion system is critical during the intense entry, descent, and landing phase, often dubbed the 'seven minutes of terror'. Key components include MR-107U and MR-80B thrusters, with the Multi-Mission Radioisotope Thermoelectric Generator (MMRTG) powering the rover's operations on Mars.
Aerojet Rocketdyne has been awarded a contract to supply up to two Multi-Mission Radioisotope Thermoelectric Generators (MMRTGs) to the U.S. Department of Energy for future planetary science missions. The MMRTGs are crucial for deep space exploration, providing reliable power in environments where solar energy is ineffective. The units will support various missions, including powering NASA’s Dragonfly mission to Titan and potentially the Trident mission to Triton. This contract enhances Aerojet Rocketdyne's capabilities in the aerospace sector, contributing to its portfolio in space exploration.
Aerojet Rocketdyne is set to commence the Retrofit-2 test series at NASA's Stennis Space Center, starting January 28, 2021, to validate new components for the RS-25 engine. This series involves seven hot-fire tests lasting up to 500 seconds each, expected to conclude by June. The new hardware aims to reduce RS-25 costs by 30% through advanced design and manufacturing technologies. Key components include a HIP-bonded combustion chamber and additively manufactured Pogo assembly, enhancing efficiency and reliability in production.
Aerojet Rocketdyne is preparing for a significant milestone in NASA's Space Launch System (SLS) program with a hot fire test of four RS-25 engines on January 17, 2021. This 493-second test is part of the SLS Core Stage Green Run series, which started in January 2020. These engines have historical significance, having powered previous missions such as the Space Shuttle and are being reused for SLS. Following the test, the core stage will be inspected and readied for flight, aimed at supporting Artemis I, expected to launch in 2021.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) has entered a definitive agreement for an all-cash acquisition by Lockheed Martin Corporation (NYSE: LMT), valued at $5.0 billion, representing a premium of approximately 33% to AJRD's stock price as of December 18, 2020. Stockholders will receive $56.00 per share, and a $5.00 per share special dividend has been declared to be paid on March 24, 2021. This transaction, expected to close in the second half of 2021, aims to enhance growth in hypersonics and defense sectors.
Aerojet Rocketdyne reported significant achievements in 2020, including major contract awards for U.S. defense and space exploration programs. The company produced over 330 in-space engines and nearly 70,000 solid rocket motors, demonstrating resilience during the COVID-19 pandemic. Key developments included a $1.79 billion NASA contract for RS-25 engines and contracts for hypersonic technology and strategic deterrent systems. The firm also supported various defense initiatives, marking substantial contributions to national security and deep space exploration.
Aerojet Rocketdyne and the Air Force Research Laboratory achieved record thrust levels in scramjet engine testing, 10 years after their groundbreaking 2010 hypersonic flight. The recent hot-fire tests under the Medium Scale Critical Components program showcased an advanced air-breathing hypersonic engine, producing over 13,000 lbs of thrust. Eileen Drake, CEO of Aerojet Rocketdyne, highlighted the advancements in performance and affordability stemming from significant investments in technology and workforce. The tests confirmed the scalability of the scramjet for various applications from missiles to high-speed aircraft.
Aerojet Rocketdyne successfully powered the launch of a ULA Delta IV Heavy rocket on Dec. 10, 2020, from Cape Canaveral, delivering a classified payload for the U.S. National Reconnaissance Office. This marks the twelfth launch of the Delta IV Heavy, which features Aerojet Rocketdyne's RS-68A engines, the most powerful hydrogen-fueled engines worldwide. The launch generated over 2.1 million pounds of thrust, showcasing Aerojet Rocketdyne's vital role in national security missions.
Aerojet Rocketdyne's propulsion systems were instrumental in the successful launch of a classified National Reconnaissance Office payload from Cape Canaveral aboard a United Launch Alliance Atlas V rocket. The RL10 upper-stage engines, known for their reliability, have supported national security missions for nearly six decades. Their legacy continues with the upcoming Vulcan Centaur rocket. This successful launch reinforces Aerojet Rocketdyne's strategic role in U.S. aerospace and defense operations, showcasing their commitment to providing proven propulsion technologies.