ATK (NYSE: ATK) outlined its financial results for the third quarter of FY 2011, ending Jan. 2, 2011.
The company reported quarter sales of $1.1 billion – relatively flat with the prior-year quarter – boosted by strong sales in the Armament Systems group and Security and Sporting group – up 8 percent and 25 percent, respectively – and offset by results from the Aerospace Systems group and Missile Products group.
Here are the specifics from the firm:
“Fully diluted earnings per share (EPS) decreased from $2.33 in the prior-year quarter to $2.09 in the current quarter. The results reflect a $25 million reduction in sales and profit associated with a commercial aerospace structures program, partially offset by the retroactive extension of the federal research and development tax credit, and a continued focus on cost management and efficiency improvement initiatives company-wide.
“Our lean manufacturing and cost management initiatives are taking hold across the company, yielding margin improvement to offset program level challenges and deliver solid EPS. While we reduced our profit expectations on a commercial aerospace program, our overall results on orders, sales, profit and cash supported our full-year guidance, ” CEO Mark DeYoung said. “We are focused on a disciplined business model that delivers shareholder value.”