Alliant Techsystems Q1 Profit Rises; Lifts FY Outlook - Quick Facts

(RTTNews) - Alliant Techsystems Inc. (ATK) reported that its first-quarter net income attributable to the company increased to $72.04 million or $2.24 per share, from $70.83 million or $2.16 per share in the same quarter last year. Excluding sales and associated profit from Radford Army Ammunition Plant or RFAAP, prior-year as adjusted net income was $45.6 million. The increase relative to prior-year adjusted net income was due to higher profit, lower interest expense, and a lower tax rate Analysts polled by Thomson Reuters expected the company to report earnings of $1.93 per share for the quarter. Analysts' estimates typically exclude special items. Sales for the quarter declined to $1.078 billion from $1.082 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $1.03 billion for the quarter.

The company raised its fiscal year 2014 sales guidance, including Savage, to a range of approximately $4.3 billion to $4.38 billion, up from previous guidance of $4.05 billion to $4.15 billion. The increase is due to Savage and increased Sporting Group expectations, partially offset by the Company's current expectations around fiscal year 2014 impacts likely resulting from sequestration.

For fiscal year 2014, earnings per share is now expected to be $8.60 to $9.00, up from previous guidance of $7.50 to $7.90 share, reflecting Savage, updated sales expectations, and improved operating performance.

Analysts expect the company to report earnings of $8.08 per share and revenues of $4.31 billion for fiscal 2014.