Aerospace and defense contractor Orbital ATK landed just shy of Wall Street projections in reporting a 14 percent drop in first-quarter net income to $66.5 million.
That translated into $1.23 per share in quarter earnings, adjusted for non-recurring costs. A Thomson Reuters analyst consensus forecast had projected the Dulles-Va.-based company would earn $1.37 in the quarter.
Orbital’s quarter revenue rose almost 3 percent to $1.09 billion.
Orbital chief David Thompson said executives always knew the company’s fortunes would be backloaded in 2017.
“First quarter financial results were in line with our plan for the year, which is second half weighted as we previously indicated,” Thompson said. “Our first quarter book-to-bill ratio of 150 percent boosted firm backlog to a record $9.8 billion. In addition, these strong new business bookings reflected a return to our historic proportion of shorter-cycle contracts, which will help drive revenue growth this year and in 2018, following a period of robust long-cycle orders in 2015 and 2016.”
Orbital ATK was founded in 2015, when Orbital Sciences Corp. was merged with certain operations of Alliant Techsystems.
Orbital ATK’s financial results were released prior to the opening of trading May 11. Shares (NYSE:OA) closed up $1.34 for the day, to $99.43.
The stock has a 52-week trading range of $67.04-$102.72. On May 3, Orbital’s board declared a dividend of 32 cents per share, payable June 22 to shareholders of record as of the close of business June 7.