Orbital records record revenue
THE TAKE: Orbital Sciences Corp. reported record revenues for the fourth quarter. The Dulles-based commercial company became the second private firm to launch a supply mission to the International Space Station (ISS) last month. The increase in revenues came mostly from increased revenues in the company’s launch vehicles segment because of increased activity on the missile defense interceptors and on the Antares launch vehicles that are used in the supply missions to the ISS.
Revenue: Revenue in the fourth quarter increased 5.9 percent to $375.4 million from $354.6 million the previous year. Revenue for the year was down 5 percent to $1.37 billion from $1.44 billion the previous year.
Profit: Net income rose 21 percent to $16.9 million in the fourth quarter, or 28 cents per share, from $13.9 million, or 23 cents per share. Profit for the full year was up 12 percent to $68.4 million, or $1.13 cents per share.
THE COMPANY’S TAKE: David W. Thompson, Orbital’s chairman and CEO: “Orbital’s fourth quarter financial results reflected solid growth in revenues, earnings per share and free cash flow, and capped a very successful year in 2013. The company’s operations last year were highlighted by the successful introduction of our Antares medium-class space launch vehicle and Cygnus cargo logistics spacecraft, as we concluded a multi-year research and development program to create these products and set the stage for expanded operational performance in 2014 and beyond.”