Orbital ATK, Inc.’s OA first-quarter 2016 adjusted earnings of $1.31 per share came in line with the Zacks Consensus Estimate but surged 14.9% from the year-ago tally.On a GAAP basis, the company reported earnings of $1.19 per share, compared with 87 cents earned in the prior-year quarter.Total RevenueOrbital ATK's total revenue in the first quarter was $1,065 million, lagging the Zacks Consensus Estimate of $1,138 million by 6.4%. Reported revenues also fell 4.6% from the year-ago figure of $1,116 million, primarily due to lower sales from Defense Systems Group.Segmental UpdateFlight Systems Group: Segment sales dipped 2.7% year over year to $356 million. Adjusted operating income, however, climbed 11.9%. Lower sales at Propulsion Systems were mostly offset by increased sales and profit margins at the Launch Vehicles division.Defense Systems Group: The segment reported sales of $437 million, down 12.9% year over year. Adjusted operating income was also down 23.1% primarily due to higher product shipments in first-quarter 2015.Space Systems Group: The segment reported sales of $287 million, flat year over year, while adjusted operating income surged 40.7% primarily on the back of higher profit margins at Satellite Systems.Highlights of the ReleaseTotal adjusted operating income climbed 7.6% to $125.6 million backed by higher contributions from Flight Systems Group and Space Systems Group, partially offset by lower income at Defense Systems Group.Cash and cash equivalents in the reported quarter was $74 million as of Apr 3, 2016, down from $104 million as of Dec 31, 2015.Long-term debt as of Apr 3, 2016, stood at $1,551 million, up from $1,436 million as of Dec 31, 2015.Capital expenditure was $22.6 million in the quarter. The company used $75.1 million in operating activities.The company had firm backlog of around $8.6 billion as of Apr 3, 2016, up 8% from the year-ago quarter, while its total backlog was up 23% to nearly $14.8 billion (including options, indefinite quantity contract and undefinitized orders).Share Repurchase & Dividend PaymentOrbital ATK repurchased nearly $27 million of its common stock and paid dividends of around $18 million during the first quarter of 2016, returning a total of $45 million to shareholders.New BusinessIn the first quarter of 2016, the company recorded nearly $2,505 million in new firm and option contract bookings. In addition, it received around $720 million in option exercises under existing contracts.GuidanceThe company maintained its 2016 earnings guidance in the range of $5.25–$5.50 per share on revenues of $4,575–$4,650 million. Free cash flow is expected to be between $275 million and $325 million, while capital expenditure is projected at about $200 million.Peer ReleasesSpirit AeroSystems Holdings, Inc. SPR posted first-quarter 2016 adjusted earnings of $1.29 per share, beating the Zacks Consensus Estimate of $1.06 by 21.7%.Raytheon Company RTN reported first-quarter 2016 adjusted earnings from continuing operations of $1.43 per share, beating the Zacks Consensus Estimate of $1.36 by 5.1%.The Boeing Company BA reported first-quarter 2016 adjusted earnings from continuing operations of $1.74 per share, lagging the Zacks Consensus Estimate of $1.81 by 3.9%.Zacks RankOrbital ATK currently carries a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOEING CO (BA): Free Stock Analysis Report SPIRIT AEROSYS (SPR): Free Stock Analysis Report RAYTHEON CO (RTN): Free Stock Analysis Report ORBITAL ATK INC (OA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research