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Orbital reports record revenues and income in 2008
Posted: Fri, Feb 20, 2009, 7:48 AM ET (1248 GMT) Orbital Sciences Corporation had a record year in 2008 in terms of revenue and operating income, but the company reduced its projections slightly for 2009. Orbital reported an operating income of $22.4 million on revenues of $310.9 million for the fourth quarter of 2008, compared to $22.2 million in operating income on $279.1 million in revenues for the same quarter of 2007. For the full year of 2008 Orbital had revenues of $1.17 billion and operating income of $89.9 million, compared to revenues of $1.03 billion and operating income of $81.2 million for all of 2007. For the full year string revenue increases from its launch vehicles and advanced space systems segments offset a decline in satellite and space systems. Orbital did adjust its guidance for 2009 downward, projecting revenues of $1.15-1.175 billion, compared to previous projection of $1.175-1.2 billion. The company added that development of its Taurus 2 launch vehicle would reducing its diluted earnings per share by about $0.25.
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