Three companies listed in Executive Mosaic’s GovCon Index reported quarterly financial results before U.S. financial markets opened Thursday with one in-line againstÂ analyst expectations for earnings per share and below on revenue and the other two contractors above Wall Street’s outlook for both figures.
Dulles, Virginia-based spaceÂ vehicle manufacturer Orbital ATK (NYSE: OA) met the consensusÂ Wall Street forecast for first quarter earningsÂ but missed on revenue due to timing of certain events in programs and milestone payments.
Newport News-based shipbuilderÂ Huntington Ingalls Industries (NYSE: HII) topped analysts’ first quarter expectations for both earnings per share and revenue, as did Reston-headquartered health and human services contractor Maximus (NYSE: MMS) for theÂ second fiscal quarter.
Of note, Orbital ATK changed its fiscal calendar in March 2015 to run on a January-December basis and reported first quarter results as compared to the company’s previously-reported fourth quarter of the fiscal year ended March 31, 2015.
The company also stated itsÂ financial results and comparisons as if the company were created on Jan. 1, 2015 through the merger of the businesses formerly known asÂ Orbital Sciences Corp. and the ATKÂ aerospace and defense groups that closed Feb. 9, 2015.
Below is a summary of results and other items from these threeÂ companiesâ financial statements.
Orbital ATKÂ (NYSE: OA):
- Earnings per share: $1.31 in-line withÂ Wall Street estimate
- Profit: $76.9 million, up 14.09 percent fromÂ prior year period
- Revenue: $1.06 billion, down 4.5 percent, misses Wall Street estimate of $1.14 billion
- Guidance: Unchanged at $5.25-to-$5.50 EPSÂ and $4.57Â billion-to-$4.65 billion revenue
- Lower shipping volume in defense systems segment compared toÂ January-March 2015 period
- Armament orders from Middle East and other international regions also down year-over-year
- Shares are down 2.08Â percent from the year’s start and up 16.59Â percentÂ over 12 months
Huntington Ingalls IndustriesÂ (NYSE: HII):
- Earnings per share: $2.87 per share beats Wall Street estimate by 74 cents
- Profit: $1366 million, up 56.32Â percent from prior year period
- Revenue: $1.76 billion, up 12.1 percent, Â beats Wall Street estimate of $1.59Â billion
- Guidance: Not stated
- Ingalls segment revenueÂ up 24.94 percent on surface andÂ amphibious assault ship volume
- Newport News segment revenue up 8.49 percent on energy and submarine activity
- Shares areÂ up 15.07 percentÂ from the year’s start and 8.34Â percentÂ over 12 months
Maximus (NYSE:Â MMS) (Second quarter for fiscal year 2016):
- Earnings per share: 74 centsÂ beats Wall Street estimate by 12Â cents
- Profit: $48.78 million, Â up 25.72 percent from prior year period
- Revenue: $606.45 million, upÂ 25.87 percent, Â beats Wall Street estimate of $600.99 million
- EarningsÂ adjusted toÂ $2.50-to-$2.70Â per shareÂ from previous $2.40-to-$2.50 range
- Revenue unchanged at $2.4 billion-to-$2.5 billion
- Shares are downÂ 7.08 percentÂ from the year’s start and 20.05Â percentÂ over 12 months