BAE Systems Says 2nd Half Performance Good So Far; Backs Guidance

By Anthony O. Goriainoff

BAE Systems PLC said Tuesday that its operational performance in the second half to date has been good despite challenging conditions, and backed its guidance for the year.

The London-listed defense-and-aerospace group said that strong order intake continued and that it has secured a further 10 billion pounds ($11.76 billion) in the period.

In July the board guided for 2022 sales growth in the 2% to 4% range from GBP21.31 billion in 2021, underlying EBIT to rise in the 4% to 6% range from GBP2.21 billion, and underlying EPS growth to be in the 4% to 6% range.

The company said it is on track to increase its self-funded research and development, invest in new facilities, construct a new ship-build hall in Scotland, and increase its U.K. apprentice intake in air and maritime.

"Looking forward, our large order backlog, diverse portfolio position and focus on program performance position us well for another year of top line growth and margin expansion in 2023. We see sales growth coming from all sectors and opportunities to further enhance the medium-term outlook as our customers address the elevated threat environment," Chief Executive Charles Woodburn said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

November 15, 2022 02:34 ET (07:34 GMT)

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