Shocker. Fundamentals Do Matter. Momentarily.
Aerojet Rocketdyne delivered a very strong Q2 report after the close last night. This was off the back of the stock being handed a severe drubbing in recent weeks. (See our AJRD Q2 Earnings Preview for details). The stock closed up 16% today - a result, it seems, of old-fashioned things like growth in backlog, revenue, earnings and cashflow. A victory for reason over sentiment, stimulus and the various other horsemen riding to end the Enlightenment.
Below we walk you through our take on the quarter.