Publicly traded companies, including various aerospace and defense companies, are reporting their fourth 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.

Airbus

Airbus reports Full-Year (FY) 2019 results, delivers on guidance:

  • Record commercial aircraft deliveries
  • Strong underlying financial performance, FY 2019 guidance achieved
  • € -3.6 billion penalties recognised for agreements with authorities
  • A400M € -1.2 billion charge; export assumptions revised
  • Revenues € 70.5 billion, +11% YoY; EBIT Adjusted € 6.9 billion, +19% YoY
  • EBIT (reported) € 1.3 billion; loss per share (reported) € -1.75
  • 2019 dividend proposal: € 1.80 per share, +9% versus 2018
  • 2020 guidance to set the path for sustainable growth

The link to the press release can be found here, as well as the slide deck here and webcast is here.

Boeing

Fourth Quarter 2019

  • Financial results continue to be significantly impacted by the 737 MAX grounding
  • Revenue of $17.9 billion, GAAP loss per share of ($1.79) and core (non-GAAP)* loss per share of ($2.33)

Full-Year 2019

  • Revenue of $76.6 billion, GAAP loss per share of ($1.12) and core (non-GAAP)* loss per share of ($3.47)
  • Operating cash flow of ($2.4) billion; cash and marketable securities of $10.0 billion
  • Total backlog of $463 billion, including over 5,400 commercial airplanes

The link to the press release can be found here, as well as the slide deck here and webcast registration here.

General Dynamics

  • Fourth-quarter net earnings of $1 billion, up 12.2%
  • Fourth-quarter diluted EPS of $3.51, up 14.3%
  • Fourth-quarter operating margin of 12.3%, up 50 basis points
  • Full-year diluted EPS from continuing operations of $11.98, up 6.8%
  • Backlog grew 28.1% to record-high $86.9 billion, for book-to-bill of 1.5-to-1 for the year

The link to the press release can be found here, as well as the slide deck here and the webcast here.

Honeywell

  • Fourth Quarter Reported Sales Down 2% Due to Impact of 2018 Spin-Off, Organic Sales Up 2%
  • Fourth Quarter Reported Earnings Per Share of $2.16
  • Adjusted EPS of $2.06, Up 11% Ex-Spins
  • Full Year Operating Cash Flow of $6.9 Billion
  • Adjusted Free Cash Flow of $6.3 Billion, Conversion 105% Expect 2020 Earnings Per Share of $8.60 – $9.00, Up 5% – 10% Adjusted

The link to the press release can be found here. The presentation slide deck is here and you can download the webcast here.

L3Harris

  • 4Q19 revenue $4.8 billion; up 190% GAAP and 10% versus prior-year combined1
  • 4Q19 GAAP EPS from continuing operations down 6% to $1.77; non-GAAP2 up 28% versus prior-year combined to $2.85
  • 4Q19 operating cash flow of $858 million and adjusted free cash flow3 of $831 million
  • 2H19 revenue $9.2 billion, GAAP EPS from continuing operations $3.68, non-GAAP2 EPS $5.43, operating cash flow $939 million and adjusted free cash flow3 $1.45 billion
  • CY19 combined revenue $18.1 billion, GAAP EPS from continuing operations $7.90, non-GAAP2 EPS $10.08, operating cash flow $1.7 billion and adjusted free cash flow3 $2.46 billion
  • Initiated CY20 guidance: revenue up 5% – 7%, GAAP EPS $8.35 – $8.75, non-GAAP2 EPS $11.35 – $11.75, operating cash flow $2.8 – $2.9 billion and adjusted free cash flow3 $2.6 – $2.7 billion

The link to the press release can be found here. The presentation slide deck is here and you can access the Q4 earnings call transcript here.

LEIDOS

  • Revenues: $2.95 billion for fourth quarter; $11.09 billion for the year
  • Diluted Earnings per Share: $1.26 for fourth quarter, year-over-year growth of 1%; $4.60 for the year
  • Non-GAAP Diluted Earnings per Share: $1.51 for fourth quarter, year-over-year growth of 37%; $5.17 for the year
  • Cash Flows from Operations: $169 million for fourth quarter; $992 million for the year

The link to the press release can be found here. The presentation slide deck is here and you can access the Q4 earnings call transcript, courtesy of Motley Fool, here.

Lockheed Martin

  • Net sales of $15.9 billion in the fourth quarter and $59.8 billion in 2019
  • Net earnings of $1.5 billion, or $5.29 per share, in the fourth quarter and $6.2 billion, or $21.95 per share, in 2019 
  • Cash from operations of $1.5 billion in the fourth quarter and $7.3 billion in 2019, after discretionary pension contributions of $1.0 billion 
  • Achieved record backlog of $144.0 billion at the end of 2019

The link to the press release can be found here. The presentation slide deck is here and you can download the webcast here.

Northrop Grumman

  • 2019 Net Awards Total $45.2 Billion
  • Total Backlog Increases 21% to $64.8 Billion; 2019 Book-to-bill 1.3
  • Q4 Sales Increase 7% to $8.7 Billion; 2019 Sales Increase 12% to $33.8 Billion
  • Q4 EPS of $(2.43); Q4 Mark-to-Market (MTM)-adjusted EPS of $5.61;
  • 2019 EPS of $13.22; 2019 MTM-adjusted EPS of $21.21 versus Guidance of $20.10 to $20.35
  • 2019 Cash from Operations of $4.3 Billion; 2019 Free Cash Flow of $3.0 Billion
  • Expects 2020 Sales of $35.3 to $35.8 Billion, MTM-adjusted EPS of $22.75 to $23.15 and Free Cash Flow1 of $3.15 to $3.45 Billion

The link to the press release can be found here, as well as the slide deck here and the link to the webcast is here.

Textron

  • Revenue growth of $285 million, up 7.6% from prior year
  • The new Citation Longitude enters service with 13 aircraft deliveries in the quarter
  • EPS of $0.87; adjusted EPS of $1.11, excluding fourth quarter special charges
  • 2020 full-year EPS outlook of $3.50 – $3.70

The link to the press release can be found here, as well as the slide deck here and the link to the webcast registration here.

Raytheon

  • Record bookings of $12.1 billion in the quarter and $36.3 billion for the year; strong book-to-bill ratio of 1.54 in the quarter and 1.25 for the year
  • Record backlog of $48.8 billion, up 15% year-over-year
  • Fourth quarter net sales of $7.8 billion, up 6.5%; full-year net sales of $29.2 billion, up 7.8%
  • Fourth quarter EPS from continuing operations of $3.16; full-year EPS from continuing operations of $11.92
  • Strong operating cash flow from continuing operations of $2.8 billion in the quarter and a record $4.5 billion for the year
  • Raytheon and United Technologies merger of equals targeted to close early in the second quarter of 2020

The link to the press release can be found here. The slide deck is here and the webcast is here.

United Technologies

2019 Q4 

  • Sales of $19.6 billion, up 8% versus prior year, including 1% organic growth
  • GAAP EPS of $1.32, up 59% versus prior year
  • Adjusted EPS of $1.94, down 1% versus prior year 

Full Year

  • Sales of $77.0 billion, up 16% versus prior year including 5% organic growth 
  • GAAP EPS of $6.41, down 1% versus prior year 
  • Adjusted EPS of $8.26, up 9% versus prior year

The link to the press release can be found here. The slide deck is here and the webcast is here.