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ATK Opens With Flat First Quarter But Earnings Hammer Expectations

Defense Daily Staff Defense Daily Staff
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ATK [ATK] yesterday reported an essentially flat first quarter but its earnings came in well above consensus estimates due to contract completions and profit adjustments at the Army’s Radford ammunition plant, which the company had managed until June before turning operations over to a another contractor, and an asset sale. Sales increased less than a percent to $1.1 billion while net income eased down a percent to $71 million, $2.16 earnings per share (EPS), from $72 million ($2.13 EPS) a…

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