spacetoday.net: Orbital reports decreased profit

Posted: Wed, Oct 28, 2009, 7:03 AM ET (1103 GMT)
Orbital Sciences Corporation reported Tuesday lower profits in its fiscal third quarter, but said that it still exceeded expectations. Orbital reported a net income of $9.4 million on $277.1 million in revenue for the third quarter, compared to a net income of $11.4 million on $278.6 million in revenue for the same quarter of 2008. The slight decline in revenue was due to decreased activity on missile defense and commercial satellite program, partially offset by work on its NASA Commercial Resupply Services contract. The decline in income was linked in part to unrecovered costs from its research and development work on the company's Taurus 2 rocket. the company said it was on track to meet guidance for all of 2009, which calls for revenues of $1.11-1.135 billion and free cash flow of $50-60 billion; the company's preliminary guidance for 2010 calls for revenues of $1.175-1.225 billion but negative free cash flow because of reduced deferred revenue in several programs.