Publicly traded companies, including various aerospace and defense companies, are reporting their first quarter earnings and forecasts this month.

Airbus

Airbus released its financial results for the first quarter of 2020 on April 29th. The full press release can be found here.

  • Market environment strongly impacted by COVID-19 situation, particularly in commercial aircraft
  • Q1 2020 financials partially impacted by COVID-19
  • Revenues € 10.6 billion; EBIT Adjusted € 281 million
  • EBIT (reported) € 79 million; loss per share (reported) € -0.61
  • Free cash flow before M&A and customer financing € -8.0 billion / € -4.4 billion before payment of € -3.6 billion penalties
  • Strong focus on matching production to demand and cash containment
  • Assessment of COVID-19 implications on outlook in progress. No new guidance issued given limited visibility

Below are the highlights of some of those companies including links to their associated press releases, slide decks and conference calls.

A recording of the webcast can be found here. View the slide deck here.

Boeing (BA)

Boeing Company released its financial results for the first quarter of 2020 during a 29 April conference call with David Calhoun, president and chief executive officer; and Greg Smith, chief financial officer and executive vice president of enterprise performance and strategy. The company’s press release is here.

  • Financial results significantly impacted by COVID-19 and the 737 MAX grounding
  • Revenue of $16.9 billion, GAAP loss per share of ($1.11) and core (non-GAAP)* loss per share of ($1.70)
  • Operating cash flow of ($4.3) billion; cash and marketable securities of $15.5 billion
  • Total backlog of $439 billion, including over 5,000 commercial airplanes

A recording of the Webcast can be found here as well as a transcript of the event here. View the slide deck here.

General Dynamics (GD)

General Dynamics released its financial results for the first quarter of 2020 on April 29th during a conference call. View the press release here.

  • COVID-19 travel restrictions delay aircraft deliveries
  • Defense segments combined show modest growth in revenue and margin
  • Net earnings of $706 million
  • Diluted EPS of $2.43
  • Backlog of $85.7 billion, up 24% from year-ago quarter

A recording of the Webcast can be found here. The slide deck can be found here.

Honeywell

Honeywell reported its financial results for the first quarter of 2020 on Friday, May 1st. The company’s press release is here.

  • Operating Income Margin up 150 Basis Points to 20.0%;
  • Segment Margin up 140 Basis Points to 21.8%
  • Earnings per Share of $2.21, up 15%
  • Generated $0.9 Billion of Operating Cash Flow, $0.8 Billion of Free Cash Flow;
  • Further Strengthened Balance Sheet Suspended Full Year Guidance Due to Uncertainty Related to the COVID-19 Pandemic

The slide deck used for the presentation can be found here and the earnings call webcast can be accessed here.

Huntington Ingalls

Huntington Ingalls will report its financial results for the first quarter of 2020 on May 7th. A full press release can be found here. The webcast is here.

L3Harris

L3Harris reported its financial results for the first quarter of 2020 on May 5th. A full press release can be found here.

  • 1Q20 revenue $4.6 billion; up 168% and 5% versus prior-year GAAP and pro forma1, respectively; funded book-to-bill of 1.11
  • 1Q20 GAAP earnings per share from continuing operations (EPS) of $0.99, down 51% versus prior-year GAAP and down 43% versus prior-year pro forma
  • 1Q20 non-GAAP2 EPS of $2.80, up 21% versus prior-year adjusted pro forma
  • 1Q20 operating cash flow of $533 million; adjusted free cash flow3 of $533 million
  • Adjusted 2020 outlook to reflect pandemic-related risks primarily in commercial aerospace
  • Completed divestiture of airport security and automation business on May 4, 2020, for $1 billion

The slide deck used for the presentation can be found here and the earnings call transcript can be accessed here.

Leidos

Leidos reported its financial results for the first quarter of 2020 on 5 May. The full press release can be found here.

  • Revenues: $2.89 billion, year-over-year growth of 12%
  • Diluted Earnings per Share: $0.80; Non-GAAP Diluted Earnings per Share: $1.19
  • Net Bookings: $5.5 billion (book-to-bill ratio of 1.9)
  • Cash Flows from Operations: $372 million

The slide deck used for the presentation can be found here and the Company’s Q1-at-a-Glance can be found here. Access to the webcast is provided here.

Lockheed Martin (LMT)

Lockheed Martin reported its financial results for the first quarter of 2020 on April 21st. The full press release can be found here.

  • Net sales of $15.7 billion
  • Net earnings of $1.7 billion, or $6.08 per share
  • Generated cash from operations of $2.3 billion
  • Maintained backlog of approximately $144 billion
  • Updates 2020 outlook for sales; maintains 2020 outlook for operating profit, earnings per share and cash from operations
  • Ultimate impact of COVID-19 on 2020 outlook uncertain

The slide deck used for the presentation can be found here.

NORTHROP GRUMMAN (NOC)

Northrop Grumman reported its financial results for the first quarter of 2020 on April 29th. A full press release can be found here.

  • Sales Increase 5 Percent to $8.6 Billion
  • Higher Sales in All Four Sectors
  • EPS Increases 2 Percent to $5.15
  • Net Awards Total $7.9 Billion
  • 2020 Sales and MTM-adjusted EPS Guidance Updated for Expected COVID-19 Related Impacts; Free Cash Flow Guidance Unchanged

A recording of the webcast can be found here. The slide deck used can be found here.

Raytheon Technologies (RTX)

Raytheon Technologies released its financial results for the first quarter of 2020 on May 7th.
Here is the link to the full press release.

Raytheon Technologies (reflects United Technologies results including Otis and Carrier):

  • Net sales of $18.2 billion, down 1 percent versus prior year including flat organic sales
  • GAAP EPS of a loss of $0.10, including $1.66 of charges related to Otis and Carrier portfolio separation activities
  • Adjusted EPS of $1.78, down 7 percent versus prior year

Raytheon Company (not included in Raytheon Technologies first quarter 2020 results)

  • Record backlog of $51.3 billion with book-to-bill ratio of 1.44
  • Net sales of $7.2 billion, up 6.5 percent

The Earnings Call briefing is here and the webcast can be accessed here.

Textron

Textron released its financial reports for the first quarter of 2020 on April 30th. A full press release can be found here.

  • Revenue down $332 million, or 10.7% from prior year largely due to COVID-19 impacts
  • EPS of $0.22; adjusted EPS of $0.35, excluding first quarter special charges
  • Strong liquidity position, Q1 2020 ending cash balance of $2.4 billion

A recording of the webcast can be found here. The slide deck used can be found here.