Aerojet Rocketdyne reports higher sales, profit in 2018

By Marjorie Censer / February 20, 2019 at 9:26 AM

Aerojet Rocketdyne said this week sales in its most recent quarter reached $438 million, down 17 percent from the same three-month period a year earlier.

The company reported quarterly profit of $24 million, up from a $52 million loss the prior year.

The contractor's 2018 sales totaled $1.9 billion, up about 1 percent from 2017. Profit for the year reached $137 million, up from a $9.2 million loss in 2017.

Aerojet Rocketdyne noted that it used new revenue recognition guidance, adjusting the timing by which the company can take credit for sales.

The company attributed its sales gains in 2018 to increased deliveries on the Standard Missile and PAC-3 programs. Those gains were partly offset by a decline in space programs "primarily driven by cost growth and performance issues on the Commercial Crew Development program and lower deliveries on the Atlas V program as this program winds down."

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