ARLINGTON, Va. (AP) -- Alliant Techsystems Inc. on Tuesday issued a fiscal 2013 profit and sales guidance below average Wall Street predictions.
The aerospace and defense contractor, commonly called ATK, said it expects to post a profit for the year ended March 31, 2013 of between $6 and $6.30 per share, on sales of about $4 billion to $4.1 billion.
Analysts, on average, were expecting a profit of $7.09 per share, with estimates ranging from $5.65 to $7.80, according to FactSet.
Wall Street had projected revenue, on average, of $4.3 billion, with estimates between $4.44 billion and $4.43 billion.
Military spending has been cut by troop drawdowns in Iraq, which lowered demand for some military equipment and services. ATK makes the kind of ammunition and munitions that are often used in combat. The company's aerospace division also makes equipment for missile defense systems.
"Near term, we face growth challenges that impact ATK as well as the entire sector," Mark DeYoung, ATK's president and CEO said in a statement. "However, we continue to be encouraged about long-term opportunities for expansion in aircraft structures, advanced weapons, and commercial and international markets."
ATK also backed its fiscal 2012 guidance, saying that it still expects to post a profit of between $7.65 to $7.75 per share and about $4.6 billion in sales for the 12 months ending March 31.
Analysts polled by FactSet, on average, expect a fiscal 2012 profit of $7.85 per share on $4.55 billion in sales.
ATK shares opened down $1.58, or 2.8 percent, at $56.03. The stock has traded between $51.26 and $76.24 in the past 52 weeks.