Benzinga | Nov 8, 2021 06:55AM EST

BAE Systems Reiterates FY21 Outlook

* BAE Systems (OTC:BAESY) reaffirmed its FY21 guidance, with expected Sales to grow 3%-5% (2020: ?20.86 billion) and on a Constant currency basis +5%-7%.

* BAE expects Underlying EBIT to grow 6%-8% (2020: ?2.04 billion) and Constant currency 10%+; Underlying EPS to increase 3%-5% (2020: 44.3p).

* Free Cash Flow is expected to be >?1.0bn, and Cumulative FCF 2021-2023 to be >?4bn.

* The company will pay an interim dividend of 9.9 pence per share on 30 November 2021.

* BAE Systems noted US Intelligence & Security business continued to maintain a robust bid pipeline and was awarded multiple contracts in the second half to sustain its order backlog.

* "Our continued good operational performance underlines our confidence in the full year guidance for top line growth and margin expansion as well as our three-year cashflow target," said Charles Woodburn, Chief Executive.

* Price Action: BAESY closed higher by 1.17% at $31.26 on Friday.