ATK fiscal 3Q net income rises 27 pct.
ARLINGTON, Va. (AP) — Alliant Techsystems Inc. said Tuesday that fiscal third-quarter net income rose 27 percent, helped by easy comparisons to a prior-year quarter weighed down by hefty charges and a jump in consumer demand for ammunition.
The aerospace and defense contractor, known as ATK, earned $63.2 million, or $1.93 per share, up from $49.7 million, or $1.51 per share, in the same quarter a year ago. Excluding one-time items, the company posted an adjusted profit of $1.84 per share, down from $2.03 per share a year ago.
Revenue fell 5 percent to $1.06 billion.
The results beat Wall Street predictions. Analysts, on average, expected a profit of $1.71 per share on $1.01 billion in revenue, according to FactSet.
Aerospace sales were flat at $301 million, while sales at its defense business fell 18.4 percent to $467.5 million. Sales in the company's sporting group jumped 18 percent to $287.6 million, helped by higher sales volumes and selling prices of ammunition.
ATK also boosted its 2013 profit and revenue outlook. For the full year 2013, ATK now expects to post a profit of $7.90 to $8.10 per share, up from its previous estimate of $7.40 to $7.70 per share. Revenue is now projected at $4.25 billion to $4.3 billion, up from the company's previous range of $4.1 billion to $4.2 billion.
Analysts expect profit of $7.68 per share on $4.21 billion.
Shares of Arlington, Va.-based ATK rose $1.43, or 2.3 percent, to $64.98 in midday trading.