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Orbital Sciences Corporation (NYSE:ORB) today reported its fourth quarter and full year 2013 financial results. Fourth quarter 2013 revenues were $375.4 million, a new quarterly record for the company, compared to $354.6 million in the fourth quarter of 2012. Fourth quarter 2013 operating income was $30.5 million, or 8.1% operating margin, compared to $31.3 million, or 8.8% operating margin, in the fourth quarter of 2012.
Net income in the fourth quarter of 2013 was $16.9 million, or $0.28 diluted earnings per share, compared to $13.9 million, or $0.23 diluted earnings per share, in the fourth quarter of 2012. Adjusted net income* was $18.2 million, or $0.30 adjusted diluted earnings per share*, in the fourth quarter of 2013. Orbital’s free cash flow* in the fourth quarter of 2013 was $12.7 million compared to $0.3 million in the fourth quarter of 2012.
Full year 2013 revenues were $1,365.3 million, compared to $1,436.8 million in 2012. Operating income was $113.5 million in 2013, or 8.3% operating margin, compared to $112.6 million, or 7.8% operating margin, in 2012. Full year 2013 net income was $68.4 million, or $1.13 diluted earnings per share, compared to $61.0 million, or $1.02 diluted earnings per share, in 2012. Adjusted net income was $69.7 million, or $1.15 adjusted diluted earnings per share, in 2013. Full year free cash flow was positive $17.0 million in 2013, compared to negative $34.3 million in 2012.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s fourth quarter financial results reflected solid growth in revenues, earnings per share and free cash flow, and capped a very successful year in 2013. The company’s operations last year were highlighted by the successful introduction of our Antares medium-class space launch vehicle and Cygnus cargo logistics spacecraft, as we concluded a multi-year research and development program to create these products and set the stage for expanded operational performance in 2014 and beyond.” He added, “With new orders and option exercises for 38 major launch vehicles and satellites and other new business wins last year valued at $2.3 billion, Orbital looks forward to a promising year in 2014.”