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Orbital reports first-quarter profit
Posted: Sat, Apr 24, 2004, 11:54 AM ET (1554 GMT)
Orbital Sciences Corporation reported increased revenues and profits in its fiscal first quarter this week, thanks primarily to its satellite division and a one-time corporate windfall. The company reported net income of $11.5 million on $151.4 million in revenues in the quarter ending March 31, compared to $3.4 million in net income on $136.7 million in revenues in the same quarter a year ago. Sharply increased revenues in its satellite and related space systems division more than offset small declines in its launch vehicle and transportation divisions. Much of the net income increase came from the sale of ORBIMAGE notes as part of a bankruptcy settlement and decreased interest expenses. The company also updates its guidance for 2004, increasing its revenue forecast from $640-660 million to $660-670 million, and its diluted earnings per share from 55-65 cents to 60-65 cents.
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