BAE Systems H1 Earnings Report 2023
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BAE System H1FY23: The UK's Biggest Defense Group BAE System Upgrades their Profits
BAE System for H1FY23 reported revenue of £12.018 billion, increased by 11% as compared to £10.5 billion on a YoY basis. (Source: BAE System)
Moreover, The company reported that they had won £21.1 billion worth of new orders in the H1FY23, as governments stepped up their military spending. BAE System's order backlog hit a record £66.2 billion in the first six months of the year. (Source: BAE System)
The Defence giant updated its Earnings before interest, taxes, and amortization (EBIT) which went up by 10% YoY and stood at £1,258 million for H2FY23. Apart from that the company also said that its free cash flow increased almost tenfold to £1.1 billion for the first half of 2023. (Source: BAE System)
The company's earnings per share (EPS) for H1FY23 increased by 17% on a YoY basis to £29.6 per share as compared to £24.5 per share same period last year. (Source: BAE System)
During H1FY23, BAE Systems won an order from the Czech Republic for 246 infantry fighting vehicles and its MBDA unit was contracted by Poland to supply missiles and launchers. (Source: BAE System)
For the full year of FY23, BAE Systems aims to generate more than £1.8 billion in free cash flow, around £600 million higher than previously forecast in February this year by the company. (Source: BAE System)
The company which makes submarines, fighter jets, combat vehicles, and other kit, mentioned that the earnings per share (EPS) is expected to grow around 10%-12%, as compared to the 5%-7% increase the management had forecast in February. (Source: BAE System)
Furthermore, they also lifted sales guidance by by 200 bps to 5%-7% growth from 3%-5% forecasted earlier reflecting the accelerated spend profile on the Dreadnought program and good demand and operational performance across all sectors. (Source: BAE System)
For FY23, EBIT guidance is increased by 200 bps to 6% to 8%, reflecting the sales profile and good operational performance. (Source: BAE System)
BAE System's CEO Charles Woodburn said the company's broad spread was key to its growth, highlighting its provision of defense across the air, sea, land, space, and cyber theatres of war. (Source: BAE System)
BAE Systems shares rose by 5% in early deals on August 2. The stock has risen 19% over the last 12 months. (Source: Yahoo)
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