BAE Systems Q1 trading in line with expectations

Aerospace company BAE Systems said on Thursday that first-quarter trading was in line with expectations, with strong order intake and good operational performance being maintained throughout the period.

BAE Systems stated full-year 2022 guidance across all metrics was unchanged despite ongoing pressures on its supply chains, delivery lead times, and people resourcing. Sales were projected to rise 2-4% year-on-year, while underlying earnings were seen growing 4-6% against 2021.

The FTSE 100-listed firm highlighted that its geographic diversity had positioned it "strongly", as many of the countries in which it operates have announced increased spending to counter "the elevated and evolving threat environment" on multiple fronts.

BAE also added that its 2021 final dividend of 15.2p per share will be paid, subject to shareholder approval, on 1 June.

Chief executive Charles Woodburn said: "Trading in the first quarter has been in line with expectations with strong order intake and good operational performance being maintained.

"Looking forward, our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies, are helping us to navigate the challenging operating environment in the near term, while positioning us well for sustained top line and margin growth in the coming years, alongside accelerating our ESG agenda. Additionally, we see opportunities to further enhance the medium- term outlook as our customers address the elevated threat environment."