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Orbital Sciences Corporation (NYSE:ORB) today reported its financial results for the first quarter of 2014. First quarter 2014 revenues were $323.3 million, compared to $334.8 million in the first quarter of 2013. First quarter 2014 operating income was $23.0 million, or 7.1% operating margin, compared to $31.1 million, or 9.3% operating margin, in the first quarter of 2013.
Net income in the first quarter of 2014 was $13.8 million, or $0.23 diluted earnings per share, compared to net income of $19.6 million, or $0.33 diluted earnings per share, in the first quarter of 2013. Orbital’s free cash flow* in the first quarter of 2014 was positive $87.0 million, a new quarterly record for the company, compared to negative $34.2 million in the first quarter of 2013. The company’s cash balance as of March 31, 2014 increased to $350.8 million, up 76% compared to March 31, 2013.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s free cash flow in the first quarter of 2014 set a new record for the company, reflecting achievement of important milestones in connection with the completion of our first operational cargo mission to the International Space Station under the company’s Commercial Resupply Services (CRS) contract with NASA.” He continued, “Although first quarter revenues and operating income were lower than expected due to an anomaly on a recently launched communications satellite, the company remains on track with our financial guidance for 2014.”
* “Free cash flow” is a non-GAAP financial measure. For additional details concerning this measure, please refer to the sections of this press release entitled “Cash Flow” and “Disclosure of Non-GAAP Financial Measure.”
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Diluted Earnings Per Share
Revenues decreased $11.5 million, or 3%, in the first quarter of 2014 compared to the first quarter of 2013. Revenues declined $18.0 million in the satellites and space systems segment and $6.0 million in the advanced space programs segment, while revenues increased $2.9 million in the launch vehicles segment. Intersegment revenue eliminations decreased $9.6 million.