Orbital Sciences Corporation (NYSE: ORB) today reported its financial results for the third quarter of 2010. Third quarter 2010 revenues were $314.5 million, up 13% compared to $277.1 million in the third quarter of 2009. Third quarter 2010 operating income was $19.4 million, reflecting a 43% increase compared to $13.6 million in the third quarter of 2009.
Net income was $10.6 million, or $0.18 diluted earnings per share, in the third quarter of 2010 compared to net income of $9.4 million, or $0.16 diluted earnings per share, in the third quarter of 2009. Orbital generated $28.9 million of free cash flow* in the third quarter of 2010 compared to free cash flow of $23.1 million in the third quarter of 2009.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s third quarter 2010 results showed strong growth in revenues and operating income, as well as better than expected free cash flow. The company’s revenue growth was driven by substantial increases in our satellite and space systems and advanced space programs segments, while operating income rose for all three of our business segments. In addition, the company generated strong new order and option exercise activity in the third quarter, which totaled about $580 million, and boosted year-to-date new business volume to just under $1.4 billion.”
* “Free cash flow” is a non-GAAP financial measure discussed in this release. For additional details, please refer to the sections of this press release entitled “Cash Flow” and “Disclosure of Non-GAAP Financial Measure.”Financial Highlights Summary financial results were as follows:
|Third Quarter||First Nine Months|
|($ in millions, except per share data)||2010||2009||2010||2009|
|Revenues||$ 314.5||$ 277.1||$ 948.4||$ 843.0|
|Diluted Earnings per Share||$ 0.18||$ 0.16||$ 0.45||$ 0.47|