Orbital ATK meets 1Q profit forecasts

DULLES, Va. (AP) _ Orbital ATK Inc. (OA) on Thursday reported first-quarter profit of $70 million.

The Dulles, Virginia-based company said it had net income of $1.19 per share. Earnings, adjusted for non-recurring costs, were $1.31 per share.

The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of $1.31 per share.

The aerospace and defense technology company posted revenue of $1.07 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $1.14 billion.

Orbital ATK expects full-year earnings in the range of $5.25 to $5.50 per share, with revenue in the range of $4.58 billion to $4.65 billion.

Orbital ATK shares have dropped 2.5 percent since the beginning of the year. The stock has risen 17 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OA at http://www.zacks.com/ap/OA

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Keywords: Orbital ATK, Earnings Report