have this New Happy to all. Welcome Katherine our Year is you, Matt Farabaugh, and everybody. Thank I with the CFO. Brian.
So is announced that our this morning. first thing we earnings
probably You know that.
make recommend to there presentation to highly as access to the to do are the financial with also be might discussion we're much X And take more check supplemental to you presentation, how the meaningful us. look through. go to the able to data at it a Appendix out. a want want because instructions presentation through as you You attached earnings the because that go There's about will release that to I
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that margin gross an were history, can third see $X,XXX,XXX, gross low, EBITDA as you and just That's a sales, can $XX,XXX,XXX, as we profit of minute, the quarter, we'll only you in in from discuss see, $X,XXX,XXX. XX.X%. So of and have
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let's -- sales to next and So Certain go margins. as it and QX next go well, affecting into item. will the the QX, affect factors let's
that. Let's talk about
in $X.X later sales, So this presentation, the GE only cover million. we'll the on
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maybe months. of So in month operated QX, three two. three, times the times three, Rather we XXX tons one XXX XXX, than two only XXX,
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top and that line. our obviously, then affected, bottom line So
complicated. you, to else so something have a perspective. need little is the you to this explain We So
want sold critical missile sales programs were -- we the essential about to had OEMs, defense about quarter, on third supply of friendly a the the sales but to an component of these are million It's component contractors. programs. is component. ally. nevertheless, During They an $X and that's a These very overseas critical produced missile that country, This OEMs, the it's defense used have we of nervous. this little actually produced by contractors,
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and You gross the $X.X look the quarter margin prior the is at where revenues million XX.X%. were
the margin we XX%, nevertheless, even revenues, higher to we but like look gross you QX anything to don't at block is if explain lower, you. wanted So, that and so
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to after So landed. I I take to this Slide go up guy go off to want X. always winded on
-- last quarters, informative. hopefully, So the And very with pie interesting. think and sharing these charts in our I then they're they're you few
revenue. year So fiscal year, XXXX, let's fiscal start with last million $XX
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take $XX do by it. military year, and portion, total Let's the for isn't approximately. it million, of fun If $XX math we multiply just that's a little XX%, million here, that the revenue, last
that is then year, and we that $XX.X number. Let's by million, the take where multiply this XX%, we annualize revenue
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doing least $XX.X Let's three that annualizes QX, million. That to first just at quarters. annualize the similar is
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aerospace think I a an mistake. that's
going last as we a on of couple business even quarters. for military, military has to grown Our discussed in decided the we year, focus down and we're
So on? to hustling here, a We'll like cover long X. why at we okay, have we Slide lot don't keep move said the beginning, I
Okay.
niche talking our programs. we're about aerospace So military
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XX. know I think and that The a fast. fastest airplane airplane. both Mach SR-XX, XX you very, That's very
I Mach think still that goes X.X. it to was about It built. ever
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do We We things. that. hear to kind those have to of love
of those kind something And trouble because somebody us them else's thinks programs we up sign like. with are the
let's Grumman moving EX-D Hawkeye. the keep So
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top. structural the see big using our antenna do You parts on We material.
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talk So now in about We can't military, talked this to we least not quarter, commercial. business the about everything. talk We're commercial about cover a as presentation. we'll at I little said, going aircraft, bit talk
please you know. about quarter, it, let have questions us This
Let's talk This similar to in showed quarter. about slide commercial. a the we the is last slide you
So review it's a here little wide-body about single-aisle bit of talking we're aircraft. versus
to in can aircraft, pandemic. don't They fly direct. it. the that? before Why thing already favoring they avoid the Because was if So people that place, trends want is rely do hub-and-spoke
go more regional, big to to airports So the smaller aircraft, the a going able they're the of single-aisle out hub. wide-bodies smaller whereas operate aircraft to
from want C, that, where point I if and to go a stop to is, have B, at So the point guess, necessarily. nobody you do if to go not point you wants hub to
that's towards pandemic, I think we certainly versus Now a a but in recover I wide-body. single-aisle, wide-body. single has the clearly accelerated the movement while market -- think the state again, Yes, -- before economic and the favoring the case with as it's have movement pandemic it opinion. the downturn that it's accelerated for We'll single-aisle question, and towards our single-aisle
over a commercial opinion be last to about our even wavered be. year. news is is a which never want that lot on So to for by commercial We this of aircraft we do, the felt the we way, place good us bad you though that, a aircraft,
three program, the a on. commercial Airbus single-aisle on. And XXX in big want and It's It's want If aircraft we're family very, There a important major be LEAP-XA MAX great very been program recertified. to single-aisle. program as you The AXXX be very, a to XXX you one, again. flying us, has next a very you for engines. the our programs, is program. aircraft be to the That's MAX, This a know, opinion. it's
year, of program. look So no I'm I almost not single-aisle -- to program, almost then Comac least if we end the in have content, I content this in finished XXX. the development. The that's think certification, We're still third important Comac we'll shouldn't aware works deliveries going on they're year, for no see development airplane But that potential good Boeing, out. is we very think the says dark to say MAX that hope China at at the happens. of And well. that have the is program it future as XXX
our least MAX unique opinion. We point, ground. lot at problems our opinion, AXXX the offer, And boxes the are of a AXXX. a that things lot to too, so are the Those they check in far, this had ahead think covers the check at because Boeing in we two three of by That's want we variance, boxes. to a dog. So unfortunately, of saw large of have way big to lot we
to aircraft, boxes do want those boxes two single-aisle you be we and in the check, to those you want are check. are So
now. Let's go on to X Slide
service for that? it's be yes, highlight, of Well, do changer. people range, just a it not why family. will that it range lot capacity expected That's Europe, XXX, Airbus We're this. statute of Will wide-bodies a America has very from a press, replace think, up to here. program part to instance, where capacity far lower about A expect cost. lot game will Because be lot talking seating interesting from AXXX end now. replacement a operations, we So in wide-body don't high-density about, configuration, a AXXXXLR. good this miles, about and years two many program Why mean you would It's for be I game of lot a now. writing a of is seating XXXX. take of much changer? but That's very North a for to wide-body, it very X,XXX single-aisle, that of people
there's of about excitement for part this happy sure. it, and So we're be that's lot of program, a to
It's answer it that, it XXX, but but a XXX, a maybe really they you stretched all don't a this like they the of was the kind of version to is an Boeing, have of it's for single-aisle, unfortunately, like further. and want old look for if the So which XXX, airplane. can't stretch kind any technology at MAX
focused targeting we're it. let's of X. an they can't market. a to unfortunately, us. whatever slide we positioned mostly This ideally for almost review discontinue this through for we Boeing that with It's jet reason, go ideally the luck of So they're a had think by Aviation. where No of of Slide is and that maybe engine luck a this Aviation on But positioned, GE will We we're was while, subsidiary MMA use my partly because we a luck, kind take programs, platform customer commercial on that Park that X, MAX ago, why programs is large maybe kind problem development as Slide years understanding And to XLR. But compete two quarter. until believe go on our in GE MRAS, -- industry. MAX. aircraft the was this is a little airplane those just to by anyway -- every
Now of company. aerospace large a in there is Engineering subsidiary Singapore, ST and a Singapore
So let's this do quickly.
pricing firm with We River have this through a Middle MRAS XXXX LTA Aerostructure Systems.
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would be real a problem. it So
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anyway. for Now the good it news capacity is need we
talking I facilities. a we remember think about ago, the our you you capacity our or year and remember of in before pushing do, a existing that were little pandemic, over some might already you about
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this the you in we making have and Fixed mostly. Global family, That's doing MRAS Sole we Source for Reversers top XXX. Engines Engine Reversers Aviation. another you GE for also that. Passport that. quite it Thrust is jet. but picture sold of picture the very XXX, that that's program, a We've And for Passport Comac for shown at through China not well. says much Composite for just I the XXXX Inner the always talked and XX Materials AXXX XX It's like we're four shows just a it size with Nacelles engines, a Picture the of items It's regional then Programs, Multiple also because right, Nacelles. ARJ-XX. XXX-X structures. here component That's Thrust first about structure. Nacelles Comac
You made the on person very can structures see are materials. the large background. These our with very,
the to be Park very So on program a a on of content for because XX. -- there's Slide to it's Nacelles content. good lot a Park Structure for
on So Programs. this here's the quarters. Jet last done couple Engine GE update of an We've Aviation
you another give update. Let's
month. everybody and where the be XX Airbus XX Airbus kind to I many were the face we're airplanes I gloom a know sustain We're also was what were guess, aircraft But aircraft going of questioning, XX more, in commercial I more think from going could saying, news year they for the analyst maybe able said? recently year, going they about And interesting, position it a Airbus were per almost XX to month that's in their that. if the recently, this month. until And of the do do and lot a increases training some to increase per to I was in stage it going be is engines, they units customer, received XX you're like those of at month, LEAP-XA family of don't AXXXneo lot in airplanes well, of said to supposed whether to Well, in First, well, Park, analysts at analysts the seems at significant to point AXXX to so general getting indicating program. But then questioning rate not XXXX. and And sustain said, XX forecast sustain the yes, Airbus. MRAS, right. we, calendar importantly, go a of our they're
debt we indicating Let's year is go the customer that Global are recently program XX year increase engine. thing, produced significant next with units for XXXX. units also in a forecast calendar indicating qualified calendar ARJXX, the our Passport that's a the regional lighting significant materials Park to from forecast in received on. XXXX. that's in into recently strike customer Comac being Same increase XXXX from This the in China. received
As has Airbus. delivering different an of this this in the introduction. you already certify and Comac lighting XXX, successful antenna day go end for and the What indicated the being see new or with materials our NPI, XXXX Engines, a is planning program. XXX pattern here, Comac a here's the used that to or very before seller, product is being Slide means strike LEAP-XC airplane are the continuing AXXX XX big with on programs, When very picture we
ahead production for So for production of airplane me. is to they're Skies a Queen But is they're some also special any then. Yes, has going on get programs. no through to the to certification producing to it's but change rates of trying the until terminate and go production next already airplane announced Boeing certified units, year, the XXX-X.
production companies, been, Slide we're will program maybe the to little out rate be but program frank terminated. thinking. hold reduced. hope XX. order rates hands, producing units airplane might a but I'm of big that dreamer, until some say the maybe So kind order That and unrealistic, before in terminated. is but can probably the the that's being company, nor it's saying somebody maybe this continue is until somebody aren't Boeing come then what a UPS more
we the negative, GE a Engine course, aircraft as here industry of get we This of, maybe the now was GE a XXXX, two to know about is the early of commercial of mentality Jet with do start global that kind in crisis. Well, result a lot conviction, how Aviation board. getting three a and calendar So of aircraft very commercial where we year downturn courage. pandemic about very and analysts, or Aviation Programs? negative. chunk analysts significant are Almost and industry economic are there me, all that very, on industry herd not not that news all There lot negative that everybody was
fine. that that's that there's is something. Everybody somebody other story. at capitulating, now missing of negative it Okay, -- sign side To me, so the is When the or always look capitulation. a maybe
that forward. how but fly, keep really on make not buy so much the we because adjustments But really we didn't Park, item, park, news. we do know in of we for next all we matter to pressing So That's -- globe completely do. it doesn't all too
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Okay.
Park majoring we talked baseline ramp MRAS slide. is arrangement than to the up to and we made went first minimum $XXX,XXX, and critically probably minimum arrangement with affect being MRAS. production month Park about a the start We about -- arrangements. about important that preserve level probably is said, July in Park production arrangements this -- -- We June, but it's was based in based the to Let's on. with really ability comply when like the monthly June a needed keep sort -- mass maintain upon, month to ends moving or arrangement I is up this units. This critical to arrangement. first $XXX,XXX it's Park's -- made on of It buy the no a sorry, July it to a
But dollars are units, think vary last the the mix. per month is of So entered that December. the lasted into. we until the upon I arrangement going $XXX,XXX, month, arrangement based $XXX,XXX And to until
on Let's unfortunately, get we for in XX. kind our do the last we of we have review end length requirements QX at Slide to significant covered I'm but the perspective, and So investor baseline between GE minimum agreed How XX, spoke on, then we'll go QX talked to mismatch sorry, but some spoke some just our and be continued? quarter we during here calls, we about specific which with is that programs production to from we and on. monthly amounts divergence current the market for programs were at Park
programs it So programs. But other about again, we're there's is what on know on. don't focused we're all news the MAX and and I
programs, through of programs and math, the 'XX were we The so last kind $XX some Again, little probably high-level quarter. XX% approximately on to -- usage just per my it's $X some was probably $XX.X We told airplane Fiscal our the stuff. But were tedious perspective, it's end important. have go XX% indicating. themselves. to back to million, the a go programs you, let's million, well, quarter, review doing felt million just of programs were I think, think based I GE the revenues numbers. down market So about about themselves, upon and that's what we our
we half again. we Look quarters, us XX%, than at less by half it number, million if $X and or million the that. right, all based upon of about at than XX% well, thought, less we take that $X amount minimum per gives our that we're reduced So last operating quarter. couple But that
believe members be the aerospace to explained, mode, those up, make that it's wasn't what something back was didn't knew it the we here, believe wait We're some at any of destocking. the thinking ours the a the to of again, really It's to we're we dangerously opinion, minute, going aerospace up chain of some to low is about, in, that because explained going still very with the is future, We about of not we inventory sense some inventories demoralized very and supply it defensive about up, attention We may ramp adding by companies here. chain sense. So not wasn't concern during my concerned And not day, that many supply not on ramp course, being considered, paying to calls a survival that, chain. is production need supply supply are. up the in were taking in levels. that destocking have chain survival serious or going making of thinking further
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for by some 'XX cases, XXX, program XXX. have for in is sorry, mismatch now calendar all We steep everything the of year just the get here? right, how keep flat. which up gone abrupt So ramp exception to that forecasted of the on a went the And programs discussion. we -- potential units going significantly, do significantly, need through and let's XX. because All compound GE is We except here Aviation up so with for program up said
mandate. stocking the have we So
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reviewer, little up, a are just is looking ramp rates So pushed pretty being steep. the as explained,
sales following for periods the program perspective, Just work. GE for
numbers, out, before did sorry calendar have normal Now It's to purpose, here. MRAS. because have But things. from GE Aviation want years forecast I confuse -- to just calendar to for when years. And talk go from a talk we the year this point we talking into we're we we sorry, fiscal I'm
year. For calendar year forecast next a we fiscal 'XX, don't have for
to We're year So million. calendar last year, the GE calendar $XX.X year add calendar anyway, This million, July and a year that production million from during does got doing calendar million that million, so $XX do December, last months, I month million, million million. to year, $XX last perspective million, for six $XX run Obviously, can we $X $XX that minimum. in months. sales, for do a months, 'XX $XX.X that's importantly, That's 'XX last approximately $XX calendar per is Isn't six $XXX,XXX we math just guess. rate. six $X it, year comparisons. But got 'XX baseline period. Aviation we minimum
keep Let's going.
to not from this we're up. unit and forecast. recently is forecast received So rates the received ramp from nine upon What This in now, get by steep forecasted what months I'm million, The explain we $XX this about. the me sorry, Aviation What million. terms by about talking for $XX does million, $XX a I based million. now, 'XX calendar six our months now number. Get mean? we program see we the this talking numbers. of is big customer, is forecast year GE from basically approximately what not let Okay? MRAS, sales -- -- So customer unit the $XX from
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this at that doing time. not we're So
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let's about -- to talk go XX. Slide Let's
April This risks be normalized our affecting subcontractors, a it's $XX end the first by, are million let's absorbed Inventory rearview that quarter. And about say, what certainly, by be There's and forecast? potentially inventory, to a business time it's frame, frame, the that window. to think probably supply we rent probably build $X May factors is our million. too little, inventory $XX a direct would about minimal of $XX This should subcontractor. time was our as talked level, no probably believe, support million. of now, line there's that, direct and result in in inventory but So that Possible the not We MRAS. MRAS. needed amount million it's excess that to right we very fiscal
real So it's can be a that up. very inventory built the possibility
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to -- affect risks, global are aerospace. That Here people economic there some negative is global economic obviously, obviously then possibility pandemic And recovery they're be The stalls. recovery will with. possible commercial concerns, going flying to complexities uncertainty, and commenting except creates not reference risks. that of very We're vaccine a complex lot now, and to which a on. right there's dynamic political not political that analysts, we're and risks, environment risk,
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on go XX. to let's So
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is to on go XX. financial our forecast Let's This slide. Slide
Let's start GE Aviation. with our
for yourself look for themselves. can to at million, you $X.X million. forecasting $X.X $X.X review, to what's that's first So the we're quarters three booked. speak QX, to
more. So we start but there bit little and be say, we're not a sure,
$X.X to million million. So we're talking $X.X
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year. So a forecast the month. It's remember, not we've for just got by
risk And first a first received, be But subcontractors that Don't about see it's which But is, happen. We'll sure the right, we forget at should happens. factors. I'm $X by going then if the some the We fiscal inventory. -- you what, million $XX ramp-up we'll involved. April. normalized forecast month, to the that. end again, there's pretty be level, much also gave So not the all that to according of million there's that's that by that's quarter. that level, quarter
going So here. let's keep
which give already sales, $X.X EBITDA. talk million, forecast over, QX, million you've Let's $XX company. whole forecast here, history million to the gone for before We $XX.X our our about for -- you million, $X.X
sales and we to and stop again, EBITDA. So so QX affecting explain, factors certain got
So we at a revenues remember, discussed bit see, can quarters up program that as talking quite first the you the component But some prior we -- length. approximately we million of we're it's are think and essential GE million that about programs missile QX, all, defense in QX, said points three $X for sold approximately QX. in approximately the contractors it's to I sorry, million, and in $X.X from $X.X
the those supplier, quite end the margins we and market. to where product line the up on low-margin good contractor We drives sell this we small this producing the buy top that that's So on it materials, overseas component from remember, When sales. a come the actually up, in.
you're we understand line, geez, look talking to think, much numbers, the line better. more to talking I important bottom you're to explain that about well, it's you why So Because need the top got much at isn't -- instance, there. about compared to QX, you that's for but say that. that details the
forecast Slide continued. Let's go on to 'XX. estimates financial Park's
So maybe able we're for to I going were year. on we able long-term I'm comfortable or reissue enough our year, rather, provide see, is with least may call give sure. -- when to next during forecast, fiscal a quarter that? may call, provide 'XX, year, a the to forecast be like conference our to forecast you give the announce investor you you doubt to be be not four-year at as We last we you know, for true, May this earnings. fourth able be we'll fiscal When three-or -- let's QX our XX.
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it I forecast. think covers long-term that a So, for
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cash acquisition Our balance dividends. and sheet, perspective cash
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rest go late comments the questions. ship and we'll of since we're running to I do think is, the So, we'll what so
there. you take for we're at in So operator, thank hanging the to extent have, this everybody, time. you, To operator questions ready
