Rocket-engine maker Aerojet Rocketdyne saw its fourth-quarter profit soar 135 percent — to $18.1 million — amid a 9% rise in revenue to $532.2 million.
“Our improvement initiatives continued to gain momentum throughout the year, evidence of their effectiveness can be seen in our solid operating results,” Drake said. “A strong finish in the fourth quarter generated annual sales growth coupled with solid margins and strong free cash flow, providing me with confidence that the strategy that we have adopted provides a framework for growth and long-term stakeholder value creation.”
Aerojet reported $18 million in annual net income. That compared with a $16.2 million loss in 2015.
Annual revenue rose 3 percent to $1.76 billion.
Aerojet moved its corporate headquarters from Rancho Cordova, Calif., to El Segundo, Calif., in May and subsequently realigned its primary business units. It maintains a large manufacturing facility in Rancho Cordova, with additional operations in locations throughout the U.S.
On Feb. 22, Aerojet paid $15 million cash to buy Orlando-based Coleman Aerospace from L3 Technologies Inc. The systems engineering and integration provider expands Aerojet’s capabilities in mission analysis and systems engineering, and increases its product portfolio to include vehicle integration for small launch vehicles.
Coleman operations are expected to add $40 million to Aerojet’s annual revenue this year.
Aerojet’s quarterly results were announced after the close of stock market trading on March 1. Its shares (NYSE: ARJD) — which carry a 52-week range of $15.35-$21.40 — closed the session off 2 cents at $19.95.