Orbital Sciences profit falls 18 percent

October 27, 10:58 PMDC Space News ExaminerKeith Stein

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Taurus II
Photo: Orbital Sciences Corp.

Orbital Sciences Corp., based in Dulles, Va., Tuesday reported its financial results for the third quarter of 2009. Third quarter 2009 revenues were $277.1 million compared to $278.6 million in the third quarter of 2008. Third quarter 2009 operating income was $13.6 million, compared to $21.0 million in the third quarter of 2008.

Net income was $9.4 million, or $0.16 diluted earnings per share, in the third quarter of 2009, compared to net income of $11.4 million, or $0.19 diluted earnings per share in the third quarter of 2008. Orbital generated $24.4 million of free cash flow in the third quarter of 2009 compared to free cash flow of $37.1 million in the third quarter of 2008.

David Thompson, Orbital’s chairman and chief executive officer, said, “Orbital reported solid third quarter 2009 financial results with better than expected earnings and free cash flow. Strong revenue growth in our advanced space programs offset revenue declines in satellites and space systems, while all three of our reporting segments generated higher than planned operating margins and cash flow. The company also received $365 million in new contracts and option exercises in the third quarter, which helped to boost our financial outlook for 2010."

Orbital develops and manufactures small- and medium-class rockets and space systems for commercial, military and civil government customers.