[SatNews] ATK (NYSE: ATK) has reported operating results for the third quarter of its Fiscal Year 2011, which ended on January 2, 2011.

Third quarter sales of $1.1 billion remained relatively flat with the prior-year quarter, benefitting from strong sales in the Armament Systems group and Security and Sporting group (up eight percent and 25 percent, respectively), and offset by results in the Aerospace Systems group and Missile Products group. Fully diluted earnings per share (EPS) decreased from $2.33 in the prior-year quarter to $2.09 in the current quarter. The results reflect a $25 million ($15 million net of taxes, or $0.45 per share) reduction in sales and profit associated with a commercial aerospace structures program, partially offset by the retroactive extension of the Federal research and development (R&D) tax credit, and a continued focus on cost management and efficiency improvement initiatives company-wide. Third quarter EPS benefitted by $0.11 from a lower tax rate due to the retroactive extension of the R&D tax credit ($0.09 of which pertained to prior quarters), and strong operating margins. In the quarter, ATK achieved margins of 11.2 percent despite the reduction in profit from the company's commercial aerospace structures business. ATK is reaffirming its full-year sales and EPS guidance. To read the entire financial report, access this direct link.