Aerospace and defense products and technologies provider Aerojet Rocketdyne increased its sales to $988.5mn in H1 2020 compared with $976.5mn during the same period last year.
In Q2 2020, the company’s net sales increased to $512.4mn from $485mn during the same quarter last year. However, the company did not give an outlook on its Q3 2020 or FY 2020 business citing the uncertainties surrounding the COVID-19 pandemic and the potential disruptions a second wave of infections could cause for its business and supply chain.
The California based company, which released its half yearly and qaurterly earnings report on Monday said its order backlog reached record levels last quarter. Eileen Drake, chief executive officer and president of Aerojet Rocketdyne, said that the company reached an order backlog of $6.8bn at the end of Q2 2020 because of a NASA contract modification received in May to make 18 more RS-25 engines for the latter’s deep space missions.
At the end of H1 2020, the company’s order backlog stood at $6.8bn compared with a backlog of $5.4bn at the end of H2 2019.
Drake added that the company’s solid margins of 14.9pc in Q2 2020 reflected its focus on strong program performance, making it a great quarter for the firm despite COVID-19 related disruptions.
Aerojet Rocketdyne’s adjusted EBITDA fell to $138.7mn in H1 2020 from $149.4mn during the first half of the previous year, while its quarterly EBITDA fell to $76.3mn at the end of Q2 2020 from $78.4mn during the same period last year.