Home / Knowledge / News / Textiles / Orders for Q2 FY'14 up 17% at ATK
Orders for Q2 FY'14 up 17% at ATK
08
Nov '13
ATK reported operating results for the second quarter of its Fiscal Year 2014 (FY14), which ended on Sept. 29, 2013. Orders for the quarter were up 17 percent to $1.5 billion, which represents a book-to-bill ratio of 1.3. Second quarter year-over-year sales were up 7 percent to $1.1 billion. The increase in sales was due to increased sales in the Sporting Group, partially offset by a sales decline in the Defense Group.

Operating profit in the second quarter increased approximately $38 million. On an adjusted basis, it increased $46 million. Improved operating profit was primarily driven by both the Sporting and Aerospace Groups, and lower pension expense, partially offset by lower operating profit in the Defense Group.

Net income for the quarter increased 42 percent to $93 million compared to $65 million in the prior-year quarter. On an adjusted basis, net income was $91 million compared to $61 million in the prior-year period. Fully diluted earnings per share were $2.86 compared to $2.00 in the prior-year period. On an adjusted basis, EPS was $2.82 compared to $1.88 in the prior-year period. The increases in adjusted net income and adjusted EPS are due to higher operating profit and lower interest expense.

During the quarter, ATK reported strong, year-over-year organic growth in the Sporting Group, while successfully executing the Savage integration plan. On Nov. 1, 2013, ATK also completed the acquisition of Bushnell Group Holdings, Inc. (Bushnell).

The acquisition will be integrated into ATK's Sporting Group and will increase the company's presence in higher-growth shooting sports and outdoor markets. With the addition of Bushnell and Savage, the Sporting Group will account for approximately 45 percent of total ATK revenue, and across the enterprise, commercial and international sales will account for approximately 50 percent of ATK total revenue.

In addition, ATK recorded a number of new program wins and program milestones in the second quarter. ATK secured a strategic commercial launch contract from Orbital Sciences to provide large-diameter propulsion for the Air Launch Vehicle that Orbital is designing for Stratolaunch Systems Corporation. 

ATK also completed delivery of the James Webb Space Telescope's primary mirror backplane support structure. This was a critical milestone for the world's most powerful space telescope. ATK delivered the 100th Advanced Anti-Radiation Guided Missile to the U.S. Navy and received a production contract from the U.S. Army for the Precision Guidance Kit, demonstrating innovative and affordable technology solutions for current and emerging customer needs.

"We are delivering year-over-year revenue and profit growth that is aligned with our vision and strategy of strengthening our leadership positions," said Mark DeYoung, ATK President and Chief Executive Officer. 

"ATK continues to win new business that supports our core capabilities, and we are delivering significant value to our customers. With our recent acquisition of Bushnell, ATK's comprehensive product offering will position us for future expansion into new and adjacent outdoor recreation markets. Our objective is to efficiently deliver quality products to an array of aerospace, defense and commercial customers, resulting in superior shareholder returns and a healthy balance sheet."

ATK


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search