Aerojet Rocketdyne has recorded sales of $2.23bn for the full year that ended on 31 December, an increase of 2.3% compared to $2.18bn in 2021.

The company has attributed the increase to growth in the Next Generation Interceptor (NGI) programme, which was partly offset by a drop in RS-25 programme sales.

During the year, the company had 53 operational weeks and the extra week accounted for additional net sales of $42.3m.

Net income for the full year was $74m, a decrease from $146.6m in 2021. Adjusted EBITDAP margins excluding changes in contract estimates was 12.1%.

The full year free cash flow was negative at $89m.

For the fourth quarter, sales were $648m, net income was $16.1m, and free cash flow was positive at $9m.

The company had a backlog of $6.8bn as of 31 December.

Aerojet Rocketdyne CEO and president Eileen Drake said: “Aerojet Rocketdyne delivered record sales for the fourth quarter and for the full year and book to bill of 1.0, as we stayed focused on our business fundamentals and continued to build on our strong foundation. I commend our team’s perseverance, which is reflected in our positive results.”

Drake added: “Aerojet Rocketdyne has begun hiring for our third campus in Huntsville, Alabama, a 379,000ft² manufacturing facility that will enable increased manufacturing capacity for our nation’s defence production needs.”

On 18 December 2022, L3Harris Technologies entered a definitive agreement to acquire Aerojet Rocketdyne in an all-cash transaction valued at $4.7bn.

“Finally, in December, we announced an agreement to be acquired by L3Harris in an all-cash transaction that will accelerate innovation and strengthen competition for national security and space exploration propulsion solutions.

“In addition to providing a premium value to our shareholders, the transaction with L3Harris provides tremendous benefits for our employees, customers, partners, and the communities in which we operate.”