Orbital Posts Increased Revenues, Profit In Third Quarter
[10-18-07 – Satellite Today] Orbital Sciences Corp. posted a profit of $15.7 million in the 2007 third quarter, an increase of 84 percent compared to a profit of $15.7 million in the same period a year ago, the company announced Oct. 18.
Third quarter revenues improved 46 percent to $289.5 million in the same period, which closed Sept. 30.
"The company reported strong revenue growth in all three of our business segments, boosted profit in most product lines and generated solid free cash flow in the third quarter,” David Thompson, chairman and CEO, said in a statement. “Following the pattern established earlier in the year, communications satellites, human space systems and missile defense programs drove our revenue growth in the quarter."
The satellites and space systems segment posted revenues of $176 million, up 49 percent from revenues of $117.9 million in the same period a year ago. The growth was driven by contract activity on the Orion spacecraft program for NASA, which began in late 2006. Launch vehicle revenue increased by $29 million, a difference of 41 percent from 2006, due to higher target and interceptor vehicle revenues driven by increased contract activity on several missile defense programs.
The satellite and space systems segment posted operating income of $11.4 million, up from $7.1 million in the 2006 third quarter due to the Orion program and new communications satellite programs. The launch vehicle segment posted an operating profit of $10.5 million, up $3.1 million from a year ago due to increased activity levels on target and interceptor vehicle programs.
Orbital raised its revenue guidance for 2007 and now expects to bring in ore than $1 billion in sales, up from previous guidance of $975 million to $1 billion in revenues.