Publicly traded companies, including various aerospace and defense companies, reported their third quarter earnings and forecasts this week. Below are the highlights of some of those companies including links to their associated press releases, slide decks and conference calls.

Boeing

  • Continue to engage global regulators and customers on safe return to service of the 737 MAX
  • Revenue of $20.0 billion reflecting lower 737 deliveries and higher defense and services volume
  • GAAP EPS of $2.05 and core EPS (non-GAAP) of $1.45 per share
  • Operating cash flow of ($2.4) billion; paid $1.2 billion of dividends
  • Total backlog of $470 billion, including nearly 5,500 commercial aircraft
  • Cash and marketable securities of $10.9 billion provide strong liquidity

Boeing’s press release can be found here.

General Dynamics

  • Revenue of $9.8 billion, up 7.3% year-over-year
  • Operating earnings of $1.2 billion, up 7.1% year-over-year
  • Diluted earnings per share from continuing operations of $3.14, up 8.7% year-over-year
  • First Gulfstream G600 deliveries

General Dynamics’ press release can be found here. Their conference call is available on demand here.

Leidos

  • Revenues: $2.84 billion, year-over-year growth of 10%
  • Adjusted EBITDA Margins: 10.7%
  • Diluted Earnings per Share: $1.11; Non-GAAP Diluted Earnings per Share: $1.36
  • Net Bookings: $5.2 billion (book-to-bill ration of 1.8)

Links to Leidos’ press release can be found here, their presentation here and their webcast here.

Lockheed Martin

  • Net sales of $15.2 billion
  • Net earnings of $1.6 billion, or $5.66 per share
  • Generated cash from operations of $2.5 billion
  • Achieved record backlog of $137.4 billion
  • Increased quarterly dividend rate of $2.40 per share
  • Increased share repurchase authority by $1.0 billion

Lockheed Martin’s press release can be found here. Their slide deck can be found here and webcast of the conference call here.

Northrop Grumman

  • Net Awards total $10.1 billion; book-to-bill ratio of 1.2
  • Backlog increases to $65.0 billion
  • Sales increase 5% to $8.5 billion; higher sales at all four sectors
  • EPS of $5.49
  • Cash from Operations total $1.1 billion; Free Cash Flow totals $882 million
  • 2019 MTM-adjusted EPS Guidance increase from $20.10 to $20.35
  • 2019 Free Cash Flow Guidance updated from $2.7 to $3.0 billion

Northrop Grumman’s press release can be found here. Information on the company’s conference call can be found here and the briefing slide deck here.

Raytheon

  • Bookings of $9.4 billion with a book-to-bill ratio of 1.27
  • Record net sales of $7.4 billion, up 9.4%
  • EPS from continuing operations of $3.08, up 36.9%
  • Operating cash flow from continuing operations of $1.3 billion
  • Increased full-year 2019 guidance for sales, operating income and EPS
  • Raytheon and United Technologies shareholders overwhelmingly approved merger of equals; expected merger close remains on track for the first half of 2020

Raytheon’s press release can be found here. The company’s press conference slide deck can be found here.

Spirit

  • Revenue of $1.9 billion, up 6% year-over-year
  • Announcement by Boeing to decrease 787 production rate to 12 aircraft per month (APM) resulted in $33 million forward loss, or $0.24 of EPS, due to fixed cost absorption
  • Earnings per share (EPS) of $1.26, down 21% year-over-year; Adjusted EPS of $1.38, down 19% year-over-year
  • Cash from operations of $255 million, up 50% year-over-year; Adjusted free cash flow of $219 million, up 68% year-over-year
  • Announces acquisition of select assets of Bombardier Aerostructures and aftermarket services businesses in Belfast, Casablanca, and Dallas
  • Renegotiated purchase price on Asco acquisition to $420 million; Asco continuing to execute on conditions required by the European Commission; expected to close by April 2020

Spirit’s press release can be found here. The presentation and link to the conference call can be found here and here.

Textron

  • EPS of $0.95, up 56% from adjusted EPS a year ago
  • Operating margin of 9.1%, up from 7.7% a year ago
  • $109 million returned to shareholders through share repurchases
  • Full-year EPS guidance narrowed to a range of $3.70 to $3.80
  • Full-year cash flow guidance revised to a range of $600 to $700 million

Textron’s press release can be found here. The company’s press conference slide deck can be found here. The accompanying webcast can be accessed here.

United Technologies

  • Sales of $19.5 billion, up 18% versus prior year including 5% organic growth
  • GAAP EPS of $1.33, down 14% or $0.21 versus prior year including $0.73 of charges related to Otis and Carrier portfolio separation activities
  • Adjusted EPS of $2.21, up 15% versus prior year

United Technologies press release can be found here. Audio of the conference call can be found here.