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BAE Systems reiterates 2018 guidance

By Michele Maatouk

Date: Thursday 08 Nov 2018

BAE Systems reiterates 2018 guidance

(Sharecast News) - Defence company BAE Systems reiterated its 2018 guidance on Thursday, saying underlying earnings per share should be in line with the previous year, with some small benefit from exchange translation.
BAE said it remains focused on the execution of its long-term contracted positions in Air and Maritime, with the production ramp-up of the F-35 progressing well and the UK-managed Applied Intelligence business still on track to achieve a breakeven position by year end.

The group said that the final agreement of the terms of the UK's exit from the EU after March 2019 will be important to enable companies to prepare for potential changes in the regulatory environment.

"There is relatively limited UK-EU trading and movement of EU nationals into and out of BAE Systems' UK businesses and the resulting Brexit near term impacts across the business are likely to be limited.

"BAE Systems will support the UK government in achieving its aim of ensuring that the UK maintains its key role in European security and defence post-Brexit, and to strengthen bilateral relationships with key partners in Europe."

As far as the US market is concerned, BAE said the fiscal year 2019 Defense Appropriations bill that was enacted last month provides near-term clarity and support for the industry.

US Ship repair utilisation levels remain high across the company's facilities with the backlog further strengthened with the $146.3m contract award in August to modernise the USS Gettysburg, BAE said.

At 0806 GMT, the shares were up 0.1% to 533.70p.

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