Aerospace and defense contractor Orbital ATK saw its profit surge 17 percent in the fourth quarter — to $62.1 million — amid robust revenue contributions by its Space Systems unit.
Quarterly revenue increased $96 million in Space Systems and were up $37 million it its Defense Systems Group, while Flight Systems rung up $18 million more than in the year-earlier period. There was a $24 million revenue deduction from unspecified corporate eliminations.
Over 12 months, Orbital marked a 101 percent leap in net income to $292.2 million.
Oribital’s annual revenue climbed 2 percent to $4.46 billion.
“Orbital ATK’s 2016 was characterized by solid operational performance, excellent new orders, and strong earnings and cash flow,” CEO David Thompson said. “We exceeded our initial profit margin expectations, free cash flow targets and new business booking goals for the year. In addition, we continued to implement a disciplined cash deployment strategy that included a mix of share repurchases, dividend payments and investments in long-term growth initiatives that will benefit the company in the years ahead.”
Orbital announced its quarterly results prior to the opening of stock market trading March 8. Its shares (NYSE: OA) — which recently have been trading near a 52-week high — closed up $2.26, or 2.4 percent, at $96.82.