This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Orbital Announces First Quarter 2014 Financial Results

Stocks in this article: ORB

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.”


Financial Highlights



First Quarter

($ in millions, except per share data)     2014       2013
Revenues $ 323.3 $ 334.8
Operating Income 23.0 31.1
Net Income 13.8 19.6
Diluted Earnings Per Share $ 0.23 $ 0.33

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.

1 of 9

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs