Defense Firm Alliant Techsystems Raises Guidance

Aerospace and defense firm

Alliant Techsystems

(ATK)

said fiscal first-quarter earnings and sales rose from a year ago, and the company raised its guidance for the full year.

The company reported earnings of $32.9 million, or 84 cents a share, compared with $24.8 million, or 63 cents a share, last year. The company had earnings from continuing operations of 54 cents a share in the year-ago quarter.

Sales for the quarter, which ended June 29, increased 8% to $559 million from $520 million last year.

For fiscal 2004, Alliant now expects to earn $3.61 to $3.63 a share, up from its previous guidance of $3.60. The company projected second-quarter earnings from continuing operations of 82 cents to 85 cents, vs. its prior forecast of between 80 cents and 83 cents a share.

Additionally, Alliant believes fiscal 2004 orders will approach $2 billion. Previous expectations were for orders between $1.7 billion and $1.8 billion.

Analysts polled by Thomson First Call expected first-quarter earnings of 82 cents a share. Wall Street is looking for a profit of 82 cents in the second quarter and $3.59 for the fiscal year.