The Dulles, Va.-based manufacturer of space, defense and flight systems posted pro forma earnings a bit sweeter than expected by Wall Street on revenue landing a bit short of targets.
Orbital posted adjusted quarterly profit of $1.14 per share, or $.04 more than a consensus estimate by analysts. The latest quarter also represented a big jump from the $.67 in per-share earnings reported for the year-ago period on a pro forma basis.
Revenue was $1.12 billion in the March quarter, off 3% from a year earlier and similarly shy of average expectations of $1.15 billion.
Orbital ATK was formed from the February merger of Orbital Sciences Corp. and Alliant Techsystems Inc. Its adjusted financial results excluded merger costs and other non-recurring expenses.
Orbital shares (NYSE: OA) traded modestly upward on its financial results. Orbital is set to issue a quarterly dividend of 26 cents per share June 25.