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Aerojet Rocketdyne supports NASA's Mars 2020 mission, launching the Perseverance Rover on July 30, 2020, from Cape Canaveral. The rover's goals are to explore Martian geology and search for ancient life, paving the way for human exploration. Aerojet Rocketdyne engines are critical during launch and landing phases. The Atlas V rocket utilizes four solid rocket motors, an upper stage engine, and multiple thrusters, all designed by Aerojet Rocketdyne. The rover will conduct a two-year sample collection mission powered by a Multi-Mission Radioisotope Thermoelectric Generator built by the company.
Aerojet Rocketdyne Holdings (NYSE:AJRD) reported Q2 2020 net sales of $512.4 million, a 6% increase from Q2 2019. However, net income declined to $39.2 million, representing 7.7% of sales. The company achieved strong free cash flow of $131.5 million, significantly up from $43.5 million year-over-year. Backlog reached a record $6.8 billion, boosted by a $1.8 billion NASA contract for RS-25 engines. Despite the COVID-19 pandemic, operations remained stable, with no significant financial disruptions reported. The outlook remains uncertain due to potential impacts from ongoing health concerns.
Aerojet Rocketdyne announced the successful completion of a second series of propulsion system tests for the Operational Fires (OpFires) program, led by DARPA to develop a ground-launched hypersonic missile. The cold gas tests provided critical data, building on prior successful propulsion test firings. The program aims to engage high-value targets from standoff ranges. Phase 2 of the contract, valued at $8.8 million, is expected to conclude in late 2020 with further test firings. Aerojet Rocketdyne has a proven track record in hypersonic propulsion technologies.
Aerojet Rocketdyne has completed propulsion hardware for NASA's Artemis II mission, the first crewed flight of the SLS rocket and Orion spacecraft, aiming to send astronauts around the Moon. The upgraded RS-25 engines, providing 2 million pounds of thrust, and the RL10 engine will be integral to the mission. Aerojet Rocketdyne also supplies propulsion systems for the Orion crew module and the European Service Module. CEO Eileen Drake expressed excitement over this historic mission, marking the U.S.'s return to deep space exploration.
Aerojet Rocketdyne has successfully delivered its 600th Boost Motor and 600th Divert and Attitude Control System (DACS) for the THAAD weapon system, crucial for U.S. missile defense. The production of these components was recently transferred to its facilities in Huntsville, Alabama and Camden, Arkansas. The THAAD system boasts a 100% success rate in intercept tests, with 16 successful intercepts to date. This milestone highlights Aerojet Rocketdyne's significant role in national defense initiatives.
Aerojet Rocketdyne's CEO, Eileen Drake, has been appointed to the National Space Council’s Users’ Advisory Group (UAG) by Vice President Mike Pence. The UAG, led by Admiral James Ellis, Jr., advises the National Space Council on U.S. national space policy, emphasizing the government's commitment to advance American interests in space. Drake's two-year term will leverage her extensive aerospace experience, particularly supporting NASA’s Artemis program aimed at returning astronauts to the Moon and enhancing national security.
Aerojet Rocketdyne has delivered dual propulsion systems for NASA's DART mission, which aims to test asteroid deflection. The chemical propulsion system consists of 12 hydrazine thrusters, while the NEXT-C solar electric propulsion system will also be demonstrated. DART is scheduled to launch in late July 2021 and will impact the asteroid Didymos B in September 2022. This mission is pivotal for understanding asteroid deflection techniques, with Earth-based telescopes observing the results post-impact.
Aerojet Rocketdyne successfully supported the USSF-7 mission for the U.S. Space Force, launching the X-37B space plane aboard a United Launch Alliance Atlas V rocket. Key propulsion products included the RL10C-1 upper-stage engine, helium pressurization tanks, and MR-106 thrusters, marking the 1,000th MR-106 thruster deployed. CEO Eileen Drake noted this as the second successful launch for the newly established military branch, emphasizing Aerojet's future support for Space Force missions, crucial for protecting U.S. and allied interests in space.
Aerojet Rocketdyne successfully completed a static-fire test of its Missile Components Advanced Technologies Demonstration Motor (MCAT Demo) for the Air Force Research Laboratory. The test showcased the motor's advanced technologies, designed to enhance propulsion performance and reduce manufacturing costs. This successful test is crucial for future Air Force Intercontinental Ballistic Missiles (ICBMs), providing higher performance and cost efficiency. The MCAT Demo motor's design features a state-of-the-art graphite composite case and high-energy solid propellant, marking the beginning of a series of strategic motor demonstrations.
Aerojet Rocketdyne announced the appointment of Amy Gowder as Chief Operating Officer, effective May 4, 2020. She will succeed Mark Tucker, who is retiring after nearly 40 years in the aerospace sector. Gowder brings over 20 years of experience and previously served at Lockheed Martin. CEO Eileen Drake emphasized Gowder's role in executing the company's growth strategy and enhancing shareholder value. Tucker will aid in the transition, having led significant initiatives like the Competitive Improvement Program.