Solid End to Fiscal 2017 for BAE Systems; Pension Deficit Declines Substantially
BAE Systems’ 2017 results fell closely in line with our recently upgraded expectations, following the firm's large Qatar Typhoon contract win (which we addressed in our note of Dec. 19, 2017). The firm reported a 3% year-on-year revenue increase, mainly due to currency tailwinds. Underlying EBITA increased 6.7%, with margins expanding by 40 basis points, mainly due to cost control and strong high-margin maintenance support activity levels in international operations. We're updating our model fo...
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