Orbital Sciences Corp. reported a profit of $8.8 million on its 2006 first quarter on revenues of $192.1 million, the company announced April 20. In the same period in 2005, the company posted earnings of $6.2 million on revenues of $167.1 million.

Orbital attributed its revenue growth to a 30 percent increase in satellites and related space systems segment revenues, which was driven by growth in the communications satellites product line. The growth was offset partially by a decrease in the science, technology and defense satellites product line due to the substantial completion of a satellite in the first quarter of 2006.

Launch vehicles segment revenues fell slightly due to lower revenues from the target vehicle and space launch vehicle product lines, partially offset by slightly higher interceptor launch vehicles product line revenues.

Operating income was $15.9 million in the 2006 first quarter, up 30 percent from the previous year. The increase was driven by higher operating income in the satellites and related space systems segment. The gains from the communications satellite operations were offset by an operating income decrease in the science, technology and defense satellites product line, consistent with the revenue decline in this product line. Operating income in the launch vehicles and transportation management segments remained constant in the same period, Orbital said.

“The company started the year with exceptional financial performance,” David Thompson, Orbital’s chairman and CEO, said in a statement. “Our satellite segment led the way with large increases in communications satellite revenues and operating profit, while our launch vehicles segment continued its solid performance. With these operating results, together with the strong cash flow and good new business levels generated in the first quarter, we continue to be very optimistic about Orbital’s outlook for 2006.”

Orbital reiterated its expectations that 2006 revenues would fall between $760 million and $780 million, with operating income margin in the 7.75 percent to 8.25 percent rate.