ATK Reports Strong First Quarter 2008 Earnings - Up 38 Percent to $1.50 Per Share
ATK Increases FY08 Sales Guidance to $4.0 - $4.1 Billion, EPS to $6.15 - $6.25, and Orders to $6.0 BillionFirst Quarter Sales Rise 16 Percent to $958 Million, Orders Up 65 Percent to $1.0 Billion Margins Rise to 10.6 Percent - Remain On Track for Full Year Performance First Quarter Net Income Rises 35 Percent to $52 Million Alliant Techsystems has reported that earnings per share (EPS) in the first quarter of fiscal year 2008, which ended on July 1, rose 38 percent to $1.50 versus $1.09 in the prior-year quarter. Sales rose 16 percent to $958 million compared to $824 million in the prior-year quarter. Organic sales in the quarter increased 15 percent from the prior-year quarter. Orders increased 65 percent to $1.0 billion from $612 million in the previous year's quarter. The strong orders growth was driven by increases in NASA, advanced weapons, medium-caliber ammunition, and missile defense programs. The company reported improved margins of 10.6 percent versus 9.6 percent in the prior-year quarter and net income of $52 million, a 35 percent increase from $39 million in the prior-year quarter. The margin improvement was primarily due to reduced pension expenses and increased operating efficiencies, including supply chain management initiatives. 'ATK shareholders enjoyed a very strong start to fiscal year 2008 and we look forward to building on this momentum throughout the year,' said Dan Murphy, Chairman and CEO. 'We remain focused on delivering the bottom-line results our shareholders expect through sales growth, margin improvements, and capital deployment initiatives.' |
