|
Alliant Techsystems Reports Quarterly Profit |
Aerospace Company Alliant Techsystems Reports Quarterly Profit Surge Of 28%
August 6, 2009
Mayur Pahilajani - AHN News Writer
New York, NY (AHN) - Aerospace company Alliant Techsystems Inc. (NYSE: ATK) reported a profit jump of 28 percent in the fiscal first-quarter led by sales growth, improved operating margins and reduced share count.
Net profit in the quarter rose to $69.4 million, or $2.09 per share, from $54.4 million, or $1.55 per share, in the year ago period.
Net sales rose to $1.2 billion from $1.1 billion, driven by strong demand for commercial ammunition products, continued strength in military ammunition, and new international ammunition sales, partially offset by expected lower sales in the company's Space Systems group.
The market analysts on Wall Street had expected the firm to post earnings of $1.93 per share on sales of $1.1 billion, on average basis.
"The strength of ATK's commercial and military ammunition businesses, coupled with long-term opportunities in aerostructures, precision weapons, and tactical accessories will fuel ATK's continued growth," Dan Murphy, Chairman and CEO said in a statement today.
Orders in the quarter were up 123 percent to $1.6 billion, a book-to-bill ratio of 1.3, the Minneapolis-based company said
The orders growth was driven by the strength of the company's ammunition business and commercial aerospace structures. Net income in the first quarter was up 28 percent to $69 million.
In the first quarter, corporate and other expenses totaled $4.2 million compared to $4.9 million recorded in the prior-year quarter. The share count was 33.3 million, compared to 35.2 million in the prior-year quarter.
The maker of armament, space mission and rocket systems raised full-year fiscal year 2010 earnings per share guidance to a range of $8.45 to $8.60, up from previous guidance of $8.05 to $8.25.
In addition, the company now expects full-year sales to be in a range of $4.80 billion to $4.85 billion, up from previous expectations of $4.73 billion to $4.80 billion.
The market analysts are expecting the firm to post a profit of $8.21, on average basis, for full-year 2009, with sales are projected to be in the range of $4.8 billion to $4.85 billion.
|
News 