Eileen Drake, CEO of Aerojet Rocketdyne. Photo Credit: Aerojet Rocketdyne

Aerojet Rocketdyne Holdings has reported results for the first quarter ended March 31. Net income was $14 million, or $0.18 diluted income per share, compared with net income of $5.9 million, or $0.08 diluted income per share in 2017.

Effective Jan. 1, the company adopted the new revenue recognition guidance. Consistent with the standard, net assets increased by $37.6 million, and $578 million of net sales were recognized in the cumulative effect with a corresponding reduction to backlog. Total backlog was $3.9 billion compared with $4.6 billion as of Dec. 31, 2017.

Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Pension Income (EBITDAP), following non-Generally Accepted Accounting Principles (GAAP) measure, was $47.2 million compared with $41.3 million in 2017.

Cash used in operating activities totaled $95.4 million compared with $3.1 million, principally driven by timing, including significant early receipts from customers at the end of 2017.

Within the aerospace and defense segment, net sales were $490.4 million compared with $403.7 in 2017, while the segment performance was $34.3 million compared with $34.7 million last year.

The segment margin was 7 percent compared with 8.6 percent in 2017. Segment margin before environmental remediation provision adjustments, retirement benefits, net and unusual items, following non-GAAP measure, was 7.5 percent compared with 9.5 percent.