A slowdown in Army ammunition, aerospace and defense sales hurt Alliant Techsystems Inc.'s sales and profit, officials said Thursday.
Still, officials celebrated other wins during the company's fiscal quarter, which included the continued operations of its Lake City, Mo., Army ammunition plant, a contract for an advanced anti-radiation guided missile, new contracts for NASA's space launch system and a hike in sporting ammunition sales.
The company, which has significant operations in Eden Prairie, reported a 4 percent drop in fiscal quarterly sales to $1.1 billion.
Net income for the quarter fell to $65 million, or $2 a share, compared with $80 million, or $2.43 a share, a year ago. Still, results beat analysts' expectations, which averaged $1.48 a share.
Alliant raised its fiscal full-year sales guidance and now expects revenue to reach $4.1 billion to $4.2 billion from the previous guidance of $4.05 billion to $4.15 billion. Earnings are expected to reach $7.40 to $7.70 a share, up from the prior forecast of $7 to $7.30 a share.
Dee DePass 612-673-7725