Revenue during the quarter went up marginally by 2.75 percent to $1,085 million from $1,056 million in the previous year period. Total expenses were 89.73 percent of quarterly revenues, up from 88.59 percent for the same period last year. That has resulted in a contraction of 114 basis points in operating margin to 10.27 percent.

Operating income for the quarter was $111.40 million, compared with $120.50 million in the previous year period.

However, the adjusted operating income for the quarter stood at $117.40 million compared to $130.20 million in the prior year period.

"Orbital ATK is off to a solid start in 2017. First quarter financial results were in line with our plan for the year, which is second half weighted as we previously indicated," said David W. Thompson, President and Chief Executive Officer. Mr. Thompson added, "Our first quarter book-to-bill ratio of 150% boosted firm backlog to a record $9.8 billion. In addition, these strong new business bookings reflected a return to our historic proportion of shorter-cycle contracts, which will help drive revenue growth this year and in 2018, following a period of robust long-cycle orders in 2015 and 2016."

For financial year 2017, Orbital ATK, Inc. forecasts revenue to be in the range of $4,550 million to $4,625 million. The company forecasts operating income to grow in the range of 11.50 percent to 12 percent. It expects diluted earnings per share to be in the range of $5.80 to $6.20.