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Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) is a renowned aerospace and defense company headquartered in El Segundo, California. The company is organized into two primary segments: Aerospace and Defense, and Real Estate.
The Aerospace and Defense segment designs, develops, manufactures, and sells advanced propulsion systems and energetics for space, missile defense, strategic, tactical systems, and more. This segment serves key clients like the U.S. Department of Defense, NASA, and major aerospace contractors. Their offerings include liquid and solid rocket propulsion systems, hypersonic engines, and electric power systems used in various applications such as space exploration, national defense, and commercial ventures. Notable products include the RL10 upper-stage rocket engines, which have been pivotal in space missions for nearly six decades, and have recently been showcased at prominent Florida attractions to inspire future generations of scientists.
The Real Estate segment focuses on re-zoning, entitlement, sale, and leasing of the company’s excess land assets. They own approximately 11,394 acres of land adjacent to U.S. Highway 50 between Rancho Cordova and Folsom, California.
In recent developments, Aerojet Rocketdyne has secured numerous contracts and achieved significant milestones. This includes a $67 million contract from Lockheed Martin for NASA’s Artemis Missions VI-VIII, emphasizing their role in deep space exploration. They were also awarded a $75 million contract to supply M829A4 120mm Kinetic Energy round components for the U.S. Army’s Abrams Main Battle Tank. Furthermore, they reported a record first-quarter sales of $566 million for 2023, marking an 11% increase year-over-year.
Aerojet Rocketdyne is actively involved in developing next-generation defense and space technologies. They recently completed a certification test series for the RS-25 production engines, integral to NASA’s Artemis missions, and successfully tested the Zeus 1 Large Solid Rocket Motor for Kratos, showcasing their innovative propulsion capabilities.
Financially, Aerojet Rocketdyne maintains a robust position with a backlog valued at $6.8 billion and ongoing strategic investments like the $216 million cooperative agreement with the Department of Defense to enhance propulsion manufacturing facilities.
With a commitment to excellence, Aerojet Rocketdyne continues to play a crucial role in advancing aerospace and defense technologies, fostering long-term growth, and contributing significantly to national and international defense capabilities.
Aerojet Rocketdyne (NYSE: AJRD) reports strong business performance with 2021 sales growth of 6% to
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.
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