Benzinga | Oct 26, 2021 04:22PM EDT

Aerojet Rocketdyne Holdings Says Co Ended Quarter With Backlog Of $7B

"I'm very pleased with Aerojet Rocketdyne's Q3 and year to date performance," said Eileen P. Drake, CEO and President of Aerojet Rocketdyne Holdings, Inc. "Our third quarter sales were $545 million, up 3% year over year. For the nine months ended September 30, 2021, sales were $1.6 billion -- the highest we've seen in the first nine months of the year and up 5% from the same period a year ago," continued Drake. Adjusted EBITDAP margin for the quarter was 15.1%, up 330 bps year over year, and the year to date margin was 14.2%, an increase of 90 bps year over year. Free cash flow was $78 million for the nine months ended September 30, 2021. Drake added, "We ended the quarter with record backlog of $7.0 billion, $2.3 billion of which we expect to convert to sales in the next twelve months. This amount is up from $2.1 billion in the third quarter of 2020 and up from $2.2 billion last quarter. We continue to see momentum in the defense business and strong support for our space programs. During the third quarter, we held a ribbon cutting for the expansion at our Los Angeles facility to support NASA's Space Launch System rocket and Artemis program. We also achieved a major milestone at our Camden, Arkansas facility, with the successful hot firing of our newest advanced large solid rocket motor, the eSR-73, which signifies that we are ready to support the nation's defense requirements for large solid rocket motors. I am very proud of our workforce and the team's continued dedication to excellence."