[Satellite TODAY 10-28-09] Orbital Sciences Corp.’s third-quarter profits fell almost 18 percent, with net income at $9.4 million compared to $11.4 million in 2008, the company announced in its financial results, released Oct. 27.
The company’s revenue dropped slightly to $277.1 million from $278.6 million in the same period a year ago due to fewer satellite and missile defense contracts. However, Orbital reported that it recently received a total of $365 million in new contracts, which the company claims will keep it on track to earn between $1.11 billion and $1.14 billion in 2009 and between $1.18 billion and $1.23 billion in 2010.
Orbital’s operating income dipped $7 million in the quarter. The company blamed unrecovered research and development expenses for the loss but said it will be offset by future government contracts.
Orbital Sees 18 Percent Profit Loss in Third Quarter
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