Orbital falls on full-year results
Orbital Science has reported fourth quarter and full-year results that show a downturn in revenue on 2008, but an improvement over a third quarter that saw sales drop 18%.
Revenue for Q4 was down 8% year-on-year to US$282.3m, while full-year revenues saw…
Orbital Science has reported fourth quarter and full-year results that show a downturn in revenue on 2008, but an improvement over a third quarter that saw sales drop 18%.
Revenue for Q4 was down 8% year-on-year to US$282.3m, while full-year revenues saw a small decline to US$1.125.3bn from US$1.168bn in 2008. Total operating income for the year was US$52.3m compared to US$82.3m the previous year.
David Thompson, Orbital’s chairman and chief executive officer, said: “Orbital ended 2009 with its best quarter of the year for new business and with its busiest period for operational activity. In addition, the company’s fourth quarter financial results were better than expected, due in large measure to strong revenue growth in advanced space programs and solid profit margins in satellites and space systems.”
The company has issued guidance for 2010 projecting revenue intake of US$1.175-US$1.225bn, with a diluted earnings per share of US$0.70-0.80.
Thompson said: “Having built up strong business momentum in 2009, Orbital looks forward to a year of substantial revenue growth together with profit margin expansion and earnings improvement in 2010. We also expect the year ahead to present more than the usual number of opportunities and challenges as we pursue new growth avenues in several of our core markets and close in on the first launches of our new Taurus II rocket and Cygnus spacecraft planned for 2011.”
