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 Tuesday Securities 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.
The company first disclosed the review in Aug. 10 and said it will delay its third quarter regulatory filing with the SEC.
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.