This review is updated now based on the 1 May reporting of Harris (HRS) and L3 Technologies (LLL).

Boeing Company (BA)

  • Engaging global regulators and customers on safe return to service of the 737 MAX
  • Revenue of $22.9 billion reflecting 149 commercial deliveries and higher defense and services volume
  • GAAP EPS of $3.75 and core EPS (non-GAAP)* of $3.16
  • Operating cash flow of $2.8 billion; paid $1.2 billion of dividends
  • Total backlog of $487 billion, including more than 5,600 commercial airplanes
  • Cash and marketable securities of $7.7 billion provide strong liquidity
  • Previously issued 2019 guidance does not reflect 737 MAX impacts; new guidance to be issued at a future date

Company press release is here – http://s2.q4cdn.com/661678649/files/doc_financials/quarterly/2019/q1/1Q19-Earnings-Release.pdf

General Dynamics (GD)

  • Revenue of $9.3 billion, up 22.9% year-over-year
  • All segments produce year-over-year revenue growth
  • Orders exceed $10.7 billion, with consolidated book-to-bill of 1.2 to 1.0
  • Aerospace orders surpass $3.1 billion

The Company press release is here – https://www.gd.com/news/press-releases/2019/04/general-dynamics-reports-first-quarter-2019-results

Company Q1 Earnings Conference Call information is here – https://www.gd.com/news/press-releases/2019/04/general-dynamics-webcast-2019-first-quarter-financial-results-conference

Harris Corporation (HRS)

3Q19 Earnings Presentation
  • 3Q19 revenue up 11% to $1.7 billion – highest growth in 8 years
  • 3Q19 GAAP EPS from continuing operations up 24% to $2.02; non-GAAP1 up 30% to $2.11
  • 3Q19 operating cash flow of $405 million; adjusted free cash flow of $379 million
  • YTD19 revenue up 10% to $4.9 billion; GAAP EPS from continuing operations up 39% to $5.67; non-GAAP1 up 26% to $5.85
  • YTD19 operating cash flow of $874 million; adjusted free cash flow up 75% to $788 million
  • Increased revenue, EPS and adjusted free cash flow guidance for fiscal 2019

Company press release is here – https://www.harris.com/press-releases/2019/05/harris-corporation-reports-strong-fiscal-2019-third-quarter-results-with

Company presentation is here – https://www.harris.com/sites/default/files/3q19_earnings_presentation.pdf

L3 Technologies

  • Book-to-bill ratio of 1.25x on funded orders of $3.4 billion
  • Sales increased 14% to $2.7 billion
  • Diluted earnings per share (EPS) from continuing operations of $2.71
  • Adjusted diluted EPS from continuing operations(1) of $2.89
  • Cash from continuing operations of $174 million
  • Free cash flow of $146 million
  • Increased 2019 full-year financial guidance

Company press release is here – https://www.l3t.com/press-release/l3-announces-first-quarter-2019-results

Company briefing is here – https://www.l3t.com/sites/default/files/earnings-releases/1q19_earnings_presentation.pdf

Company conference call audio file is here – https://edge.media-server.com/m6/p/fs4idts4

Lockheed Martin Corporation (LMT)

  • Net sales of $14.3 billion
  • Net earnings of $1.7 billion, or $5.99 per share
  • Generated cash from operations of $1.7 billion
  • Achieved record backlog of $133.5 billion
  • Increases 2019 outlook for all financial metrics

Company Press Release is here – https://news.lockheedmartin.com/2019-04-23-Lockheed-Martin-Reports-First-Quarter-2019-Results?_ga=2.32319484.358487207.1556024512-1444110749.1556024512

Company Earnings Conference Call Briefing Charts are here – https://news.lockheedmartin.com/download/LMT-April-2019-Conf-Call-Webcharts-Final.pdf

Northrop Grumman Corporation (NOC)

  • Q1 Sales Increase 22% to $8.2 Billion
  • Q1 EPS Increase 6% to $5.06
  • Strong Operational Performance at All Sectors
  • Q1 Net Awards Total $12.3 Billion; Backlog Increases 7% to $57.3 Billion
  • 2019 MTM-adjusted EPS1 Guidance Increased to $18.90 to $19.30

The company press release is here – http://www.northropgrumman.com/Documents/PDF/NOC_1Q19_Earnings.pdf

The company’s Q1 earnings call briefing charts are here – http://investor.northropgrumman.com/static-files/3a8902a3-98a7-469e-bc9a-3e62ef9180a7

Raytheon Company (RTN)

Company press release here – http://raytheon.mediaroom.com/2019-04-25-Raytheon-Reports-Strong-First-Quarter-2019-Results

Q1 2019 Results briefing is here –http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDE4NTk0fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636917365322709046

Q1 2019 Webcast is here – http://investor.raytheon.com/phoenix.zhtml?c=84193&p=irol-eventDetails&EventId=5278378

United Technologies Corporation (UTX)

  • Continued organic sales growth momentum across all four business units; Performance of recently acquired Rockwell Collins exceeds expectations; Raises adjusted EPS and reaffirms sales and free cash flow outlook for 2019
  • Sales of $18.4 billion, up 20% versus prior year including 8% organic growth
  • GAAP EPS of $1.56, down 4% versus prior year including 10 percentage points of headwind from a Rockwell Collins inventory step-up amortization charge
  • Adjusted EPS of $1.91, up 8% versus prior year

Company Press Release is here – https://www.utc.com/en/news/news-center/2019/04/23/united-technologies-reports-first-quarter-2019-results-raises-2019-adjusted-eps

Company Earnings Conference Call Briefing Charts are here – https://ir.utc.com/static-files/a4a06d1d-f3fe-4a05-8446-69f74490a90e