[Satellite TODAY 08-05-11] Lower sales across its businesses caused Alliant Techsystems’ (ATK) 2011 fiscal first-quarter earnings to fall 4.2 percent from $74.6 million in the same period last year to $71.5 million, the rocket manufacturer reported in its latest financial results issued Aug. 4.
The company said its second quarter revenues decreased 11 percent year-over-year to $1.08 billion due to lower sales on NASA’s human-flight programs and the company’s efforts to diversify its business and reduce its reliance on U.S. government contracts.
ATK’s aerospace business, the company’s largest revenue contributor, posted a 4.3 percent sales drop in its first fiscal quarter. The company’s armament systems and missile products segments reported a 21 percent and 7 percent sales decline, respectively.
Despite the sales dip, ATK President and CEO Mark DeYoung said he is raising his company’s full-year earnings-per-share guidance based on sustainable margin improvements and a lower share count resulting from a $50 million share repurchase.
“Our aggressive focus on efficiency improvements and cost management contributed to the strength of our bottom-line results, even in the face of a challenging sales environment. We are meeting key production and delivery milestones, executing on our programs of record and winning new business,” said DeYoung.
