By Matteo Castia

BAE Systems PLC on Thursday reported its results for 2019. Here's what happened:

SALES: BAE Systems reported sales of 20.11 billion pounds ($26.08 billion) in 2019, or GBP18.31 billion on an IFRS basis--which missed the consensus estimate from 15 analysts' forecasts on FactSet for sales of GBP19.66 billion on an IFRS basis. The company had booked sales of GBP18.41 billion, or GBP16.82 billion on an IFRS basis, in 2018.

PRETAX PROFIT: A consensus estimate from five analysts' forecasts on FactSet had expected BAE Systems to make a pretax profit of GBP1.69 billion for 2019, a projection slightly above the reported GBP1.63 billion. The company had posted a pretax profit of GBP1.22 billion the previous year.

WHAT WE WATCHED:

-GPS & RADIO ACQUISITIONS: The company didn't provide any update regarding the two proposed takeovers and said that its 2020 guidance excluded the potential impact of the acquisitions.

-F-35 JET FIGHTER PROGRAM: BAE Systems confirmed that its F-35 jet fighter program is on track to reach full-rate production this year as planned.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

February 20, 2020 04:16 ET (09:16 GMT)

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