5 Aerospace Stocks With Rising Receivables Levels
Contextuall | Dec 14, 2012 02:31AM ET
Screen Criteria:
List of Aerospace stocks that also have significant and rising accounts receivable, when compared to quarterly revenue growth (i.e. falling receivable turnover ratios).
Average Weekly Returns:
Average 1-Week Return of All Stocks Mentioned Below: 0.39%
Average 1-Month Return of All Stocks Mentioned Below: 2.01%
Analysis of List Alpha:
Number of Stocks in This List Generating Excess Return vs. SP500 (Beta Adjusted Over Last Week): 1 out of 5 (20.0%)
Number of Stocks in This List Generating Excess Return vs. SP500 (Beta Adjusted Over Last Month): 2 out of 5 (40.0%)
Chart: Distribution of 1-Week Returns For All Stocks Mentioned Below
Chart: Distribution of 1-Month Returns For All Stocks Mentioned Below
(List sorted by monthly performance, from best to worst)
1. Spirit AeroSystems Holdings Inc (SPR): Designs, engineers, and manufactures commercial aircraft structures worldwide. Size of receivables grew by 93.43% during the most recent quarter ($644.5M vs. $333.2M y/y), while revenue only increased by 20.86% ($1,365.3M vs. $1,129.7M y/y). Accounts Receivable, as a percentage of current assets, increased from 10.61% to 19.29% during the most recent quarter (time interval comparison 3 months ending 2012-09-27 to 3 months ending 2011-09-29).
2. AeroVironment, Inc. (AVAV): Designs, develops, produces, and supports unmanned aircraft systems (UAS), and efficient energy systems for various industries and governmental agencies. Size of receivables grew by 46.86% during the most recent quarter ($69.39M vs. $47.25M y/y), while revenue only increased by -0.11% ($80.28M vs. $80.37M y/y). Accounts Receivable, as a percentage of current assets, increased from 17.4% to 26.29% during the most recent quarter (time interval comparison 3 months ending 2012-10-27 to 3 months ending 2011-10-29).
3. Orbital Sciences Corp. (ORB): Develops and manufactures small and medium-class rockets and space systems for commercial, military, and civil government customers. Size of receivables grew by 24.49% during the most recent quarter ($495.01M vs. $397.63M y/y), while revenue only increased by 8.98% ($372.88M vs. $342.17M y/y). Accounts Receivable, as a percentage of current assets, increased from 49.04% to 58.64% during the most recent quarter (time interval comparison 3 months ending 2012-09-30 to 3 months ending 2011-09-30).
4. Breeze-Eastern Corporation (BZC): Designs, develops, manufactures, sells, and services lifting and restraining products for specialty aerospace and defense applications. Size of receivables grew by 65.82% during the most recent quarter ($19.02M vs. $11.47M y/y), while revenue only increased by 30.98% ($23.42M vs. $17.88M y/y). Accounts Receivable, as a percentage of current assets, increased from 23.37% to 40.92% during the most recent quarter (time interval comparison 3 months ending 2012-09-30 to 3 months ending 2011-09-30).
5. LMI Aerospace Inc. (LMIA): Provides design engineering services, structural assemblies, kits, and components to the aerospace, defense, and technology markets primarily in the United States. Size of receivables grew by 29.88% during the most recent quarter ($51.6M vs. $39.73M y/y), while revenue only increased by 9.06% ($70.64M vs. $64.77M y/y). Accounts Receivable, as a percentage of current assets, increased from 38.77% to 44.72% during the most recent quarter (time interval comparison 3 months ending 2012-09-30 to 3 months ending 2011-09-30).
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