Orbital ATK’s Bacchus facility in Utah. Photo: Orbital ATK

Orbital ATK has reported financial results for the first quarter of 2017, and emphasized a number of new orders that boosted the company’s contract backlog to a record level. The company also reaffirmed its full-year 2017 financial guidance of $4.55 billion to $4.62 billion in revenue.

Orbital ATK reported Generally Accepted Accounting Principles (GAAP) revenues of $1.08 billion in the first quarter of 2017, up 2.7 percent from $1.05 billion in the first quarter of 2016. Earnings per diluted share came in at $1.15 versus $1.31 in the comparable quarter in 2016.

During the first quarter, Orbital ATK booked approximately $1.6 billion in new firm and option orders. In addition, the company received about $410 million in option exercises under existing contracts.

“First quarter financial results were in line with our plan for the year, which is second half weighted as we previously indicated,” said David Thompson, president and Chief Executive Officer (CEO). “Our first quarter book-to-bill ratio of 150 percent boosted firm backlog to a record $9.8 billion.”

The company also highlighted a few important events during the first quarter, including its support of three Delta 4 and Atlas 5 launches with propulsion systems and composite structures, the successful launch of the first group of 10 Iridium Next satellites, and the successful berthing of the Cygnus spacecraft as part of the OA 7 cargo mission for NASA.