Orbital reports lower revenues but higher profit
Orbital Sciences Corp. reported a 4.5 percent revenue decrease in the second quarter, which the company attributed to delays on satellite contracts. The company’s quarterly profit, however, was slightly higher than in the same quarter last year.
The space technology company reported lower revenues in its launch vehicles, satellites and space systems and advanced space programs segments. Orbital, which is based in Dulles, lowered its full-year revenue projections to between $1.4 billion and $1.425 billion. Previously the company’s projections were for revenues of $1.45 billion to $1.5 billion.
The company also said Thursday that it remains on target to close the merger of its aerospace and defense groups with those of ATK (Alliant Techsystems) in the fourth quarter.
THE NUMBERS: Revenues were $318.1 million in the second quarter, compared with $333.1 million during the same period last year. Profit was up to $16.5 million, or 27 cents per diluted share, compared with $16.3 million, or 27 cents per diluted share, in the second quarter of 2013.
THE COMPANY’S TAKE: “While revenues were down due to the delayed start of several satellite contracts, the quarter's adjusted earnings per share and year-to-date free cash flow were well ahead of last year's results,” David W. Thompson, Orbital's chairman and CEO said in a statement. “In addition to carrying out a series of important space missions and booking $550 million of new business, the company's big news in the second quarter was the announcement of a proposed merger-of-equals combination of Orbital and ATK's Aerospace and Defense Groups.”