BAE Systems 2020 Profit Fell
February 25 2021 - 3:06AM
Dow Jones News
By Anthony O. Goriainoff
BAE Systems PLC said Thursday that 2020 pretax profit fell after
it booked higher costs and that it was well placed to deliver
profitable top-line growth with increasing cash conversion in the
coming years.
The U.K. defense-and-aerospace group said this was due to its
large order backlog, incumbent program positions and its evolving
pipeline of opportunities.
BAE Systems made a pretax profit of 1.6 billion pounds ($2.26
billion), compared with GBP1.63 billion for 2019.
Sales rose to GBP20.86 billion from GBP20.11 billion a year
earlier. Analysts at FactSet had forecast sales of GBP20.29
billion.
Net profit was GBP1.3 billion compared with GBP1.48 billion in
2019 and consensus of GBP1.24 billion, taken from FactSet and based
on eight analysts' forecasts.
Revenue rose to GBP19.28 billion from GBP18.31 billion the year
before.
The arms company said that it expects sales for 2021 to grow in
the 3% to 5% range over 2020. It added that sales growth is
expected in Air and Electronic Systems partially offset by
continued weakness in commercial aerospace revenues. It added that
around 80% of expected sales are already in order backlog.
The board declared a dividend of 14.3 pence a share.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 25, 2021 02:51 ET (07:51 GMT)
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