BAE Systems - on target for the full year
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In a brief trading update BAE said it continues to expect mid-single digit growth in earnings per share this year and £3bn in free cash flow over the 2019-2021 period.
The shares were broadly unmoved following the announcement.
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Third quarter trading update
The F-35 programme continues to ramp up, with around 140 aft-fuselage sets expected to be completed this year and full production on track for next year.
There continues to be substantial activity in the UK Maritime business, including the Dreadnought, Offshore Patrol Vessel and Type 26 programmes. The Queen Elizabeth Class aircraft carrier programme is approaching completion, with HMS Prince of Wales commencing sea trials in September. New ship programmes for the Australia and Canadian navies are underway.
Production is increasing across several US Combat Vehicle projects, including Amphibious Combat Vehicles and Armoured Multi-Purpose Vehicles. The division continues to win new projects.
Electronic Systems has continued to make good progress, including an initial $184m award for BAE's Advanced Precision Kill Weapon Systems (APKWS).
The low bond yield environment continues to weigh on the groups pension scheme, and that is expected to present a headwind ....