Author: Ross Wilkers|| Date Published: November 3, 2016
Orbital ATK (NYSE: ATK) has lowered its forecast of losses on a U.S. Army ammunition production contract to $350 million from the initial $450 million outlook as the aerospace and defense company carries out an accounting review.
Dulles, Virginia-based Orbital ATK said in a TuesdaySecurities and Exchange Commission filing the company will revise three years of financial results on misstated revenue from the potential 10-year, $2.3 million contract awarded in 2012 to build small caliber ammunition at the U.S. Army™s Lake City Army Ammunition Plant in Independence, Missouri.
Orbital ATK has scheduled its third quarter conference call with analysts for Nov. 8 to discuss this year’s guidance but does not plan to present or discuss results from the July-September period in light of the ongoing review.
Shares in Orbital ATK opened up 1.34 percent to $73.16 as of 9:45 a.m. Thursday morning and have traded down 17.72 percent since that initial announcement.
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Orbital ATK (NYSE: ATK) has lowered its forecast of losses on a U.S. Army ammunition production contract to $350 million from the initial $450 million outlook as the aerospace and defense company carries out an accounting review.
