Aerojet Rocketdyne Holdings, Inc. (AJRD) has reported a 15.69 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $5.90 million, or $0.08 a share in the quarter, compared with $5.10 million, or $0.08 a share for the same period last year.
Revenue during the quarter grew 13.56 percent to $405.30 million from $356.90 million in the previous year period. Gross margin for the quarter contracted 25 basis points over the previous year period to 12.98 percent. Total expenses were 96.03 percent of quarterly revenues, up from 94.45 percent for the same period last year. That has resulted in a contraction of 158 basis points in operating margin to 3.97 percent.
Operating income for the quarter was $16.10 million, compared with $19.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $41.80 million compared with $45.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 232 basis points in the quarter to 10.31 percent from 12.64 percent in the last year period.
"We are very excited to have announced the next phase of our Competitive Improvement Program and to have closed on the acquisition of Coleman Aerospace," said Eileen Drake, chief executive officer and president of Aerojet Rocketdyne Holdings, Inc. "Our strong first quarter year over year growth in net sales is a reflection of our continued commitment to delivering on our programs. We look forward to continuing our affordability initiatives while maintaining a focus on strengthening our overall competitiveness and driving value for our various stakeholders."
Operating cash flow remains negative
Aerojet Rocketdyne Holdings, Inc. has spent $3.10 million cash to meet operating activities during the quarter as against cash outgo of $31.70 million in the last year period. The company has spent $17.70 million cash to meet investing activities during the quarter as against cash outgo of $7.70 million in the last year period.
The company has spent $7.40 million cash to carry out financing activities during the quarter as against cash outgo of $13.60 million in the last year period.
Cash and cash equivalents stood at $382.10 million as on Mar. 31, 2017, up 145.72 percent or $226.60 million from $155.50 million on Mar. 31, 2016.
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