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Alliant Techsystems

August 2, 2007: Alliant Techsystems (NYSE:ATK) reported today a sharp increase of 35% in its net income for Q1/2008, compared to the 1st quarter of 2007. Net income was $52 million in the current second quarter, generated from sales totaling $958 million, a 16% increase over Q2 2006. The company's net earning increased by 38% $1.50 (versus $1.09 in 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 the demand for small and medium caliber ammunition, the Ares program from NASA, advanced weapons and missile defense programs.

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Based on a 15% increase in its order book, expected to reach 6 billion, ATK raised its full-year FY08 sales guidance by about 3.8%, a range of $4.0 - $4.1 billion. The company is raising projected Earning Per Share guidance to $6.15 - $6.25 from the previous range of $5.95 - $6.15. The company expects a full-year free-cash flow of approximately $260 million.

The best performance was achieved by the ammunition systems group, which increased sales by 17% to 336 million. The increase reflects strong sales growth particularly in the small and medium caliber ammunition, both civil and military, partially offset by lower sales in energetics. The group's operating profit rose 46% to $29 million. However, this level is exceptional and for the full-year, ATK expects margins in the Ammunition Systems Group to be in the mid-nine percent range.

Sales in the Launch Systems Group rose by 15% to $305 million with NASA's Ares I program contributing to the increase, partially offset by the expected decrease of the Minuteman III missile program. Operating profit rose by 19% to $45. The company expects full year's margins to at around 14%.

ATK's Mission Systems Group sales grew by 17% $318 million driven by missile defense programs, space systems and additional aircraft intelligence, surveillance and reconnaissance (ISR) work. Operating profit for the group increased 24% to $34 million. ATK continues to expect full-year margins in the Mission Systems Group of approximately 10 percent.


 


 

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