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

Indian textile & apparel exports fall 13% in Jan 2018

Textiles | On 17th Feb 2018

Indian textile & apparel exports fall 13% in Jan 2018

A decline of 13 per cent year-on-year has been observed in the...

Brazilian cotton prices move up in first fortnight

Textiles | On 17th Feb 2018

Brazilian cotton prices move up in first fortnight

Cotton prices rose in Brazil in the first fortnight of February, as...

Courtesy: OrganoClick

Textiles | On 17th Feb 2018

OrganoClick introduces OrganoTex for water repellency

OrganoClick has introduced OrganoTex, a textile impregnation product...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.0%
No
13.0%
Skip
17.0%

Total Votes: 100

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.0%
No
30.0%
Skip
7.0%

Total Votes: 100

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.0%
No
9.0%
Skip
3.0%

Total Votes: 100

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.0%
No
8.0%
Skip
9.0%

Total Votes: 100


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