For the second day in a row, Arlington, Va.-based Alliant Techsystems (UNKNOWN:ATK.DL) shares are rising in response to the company's fiscal Q1 2014 earnings results report, which was released Thursday.

Reporting $2.24 per diluted share in net profits, Alliant's earnings were up 3.7% in comparison to the year-ago quarter. This was despite the fact that revenue at the company declined modestly. A 2% fall in the number of shares outstanding at Alliant, the result of share buybacks, helped to keep profits growing despite the 0.3% shrinkage in revenues.

Going forward, Alliant guided investors to expect a return to revenue growth with sales rising as high as $4.3 billion by the end of this current fiscal year. The company further expects to earn between $8.60 and $9 a share in GAAP profits, and to generate free cash flow of between $200 million and $225 million. Sales and earnings from the newly acquired Caliber Co., parent company of Savage Sports Corp., are expected to support reaching these targets.