[Satellite TODAY 02-15-13] Orbital Sciences Corporation has reported its 2012 fourth quarter and full year financial results, exceeding Wall Street’s expectations but not revenue expectations. 

 

    The company announced revenues for the fourth quarter were of $354.6 million, an increase of 6 percent compared to $335.5 million in the same period of the previous year. And its operating income for the quarter was $31.3 million, up 41 percent compared to $22.2 million in the fourth quarter of 2011. Adjusted net income was $17.4 million, or $0.29 adjusted diluted earnings per share, in the fourth quarter of 2012, compared to adjusted net income of $16.2 million, or $0.27 adjusted diluted earnings per share, in the fourth quarter of 2011. Orbital’s free cash flow in the fourth quarter of 2012 was positive $0.3 million compared to negative $46.2 million in the fourth quarter of 2011.

 

    Orbital’s 2012 full year revenues were $1,436.8 million, 7 percent more compared to $1,345.9 million in 2011. Orbital’s operating income was $112.6 million in 2012, an increase of 41% compared to $79.8 million the previous year. Adjusted net income was $64.5 million, or $1.08 adjusted diluted earnings per share in 2012, compared to adjusted net income of $54.6 million, or $0.92 adjusted diluted earnings per share the previous year. Full year free cash flow was negative $34.3 million in 2012, compared to positive $5.3 million in 2011.

 

    "Orbital’s fourth quarter and full year 2012 financial results reflected continued growth in revenues and operating income, both of which set new annual records for the company. Operational activity was also robust last year, with 23 rocket launches, five satellite deployments and 20 other system deliveries being carried out in 2012," said David W. Thompson, Orbital’s chairman and CEO, said on a statement.