Alliant Techsystems, a maker of ammunition and booster rockets, said quarterly profit dropped on lower aerospace sales as the US shuttle program winds down.
Net income came to US$70.2 million, or US$2.09 a share, for the fiscal third quarter ended Jan. 2, compared with US$78.4 million, or US$2.33 a share, a year earlier, the company said on Thursday.
Results included an 11 cents a share benefit from a lower tax rate. Adjusted for items, profit came to $1.98 a share, in line with analyst expectations, according to Thomson Reuters I/B/E/S.
Quarterly sales eased about 1 percent to US$1.13 billion.
The aerospace systems group, which supplies rocket boosters used on the Space Shuttle, had a sales decline of 17 percent. Missile products group sales fell 12 percent due to lower sales on NASA’s launch abort system and special mission aircraft. Armament sales rose 8 percent and security and sporting sales rose 25 percent.
Alliant Techsystems has been looking to expand commercial work to offset declines in government business as the NASA shuttle program ends.
The company stood by a prior outlook calling for full-year profit of US$8.90 to US$9.10 a share.