Alliant Techsystems posts 8 percent increase in 1st-quarter profit, raises full-year forecast

Alliant Techsystems 1Q profit up, raises forecast

MINNEAPOLIS — Military contractor Alliant Techsystems Inc. on Thursday said its fiscal first-quarter profit rose 8 percent, helped by a lower tax rate, cost management, and lower interest expense.

It also raised its earnings forecast for the year, saying the trends of the latest quarter would continue to help.

The Minneapolis-based company’s shares rose $2.87, or 4.3 percent, to close Thursday at $69.12.

For the quarter ended July 4, Alliant posted net income of $74.6 million, or $2.24 per share, up from $69.4 million, or $2.09 per share, last year.

Analysts polled by Thomson Reuters were on average expecting earnings of $1.96 per share for the latest quarter.

Sales fell 0.6 percent to $1.20 billion from $1.21 billion, matching analyst expectations.

Alliant said it now expects to earn $8.50 to $8.80 per share this fiscal year, up from a previous forecast of $8 to $8.50 per share. Analysts had been expecting $8.30 per share.

It also said its NASA business is looking better, and narrowed its sales forecast to the upper end, saying it now expects to generate full-year sales of $4.775 billion to $4.85 billion. Analysts were expecting $4.795 billion.