Why Shares of Aerojet Rocketdyne Are Up Today

Shares of Aerojet Rocketdyne Holdings (NYSE: AJRD) rocketed higher by 17% in Tuesday afternoon trading after the space propulsion specialist reported better-than-expected earnings. The company reported solid growth and a backlog that implies that growth can continue, causing the shares to blast off.

After markets closed Monday, the maker of rocket engines and other propulsion systems reported second-quarter adjusted earnings of $0.46 per share on sales of $512.4 million, besting analyst estimates for $0.42 per share in earnings on sales of $495 million.

The company benefited from increased sales into two key defense programs, the Guided Multiple Launch Rocket System and the Medium Range Ballistic Missile, which helped offset a separate program that was canceled last year.

Source Fool.com