Orbital Sciences Q1 Profit Down; Backs FY14 View

(RTTNews) - Orbital Sciences Corp. (ORB), a maker of small and medium-class rockets and space systems, posted a lower profit for the first quarter, but said it remains on track with its financial guidance for 2014.

For the quarter, the company's net income slid to $13.8 million or $0.23 per share from last year's $19.6 million or $0.33 per share. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues declined to $323.3 million from $334.8 million a year ago. Analysts estimated revenues of $345.30 million for the quarter.

For 2014, the company said it continues to expect earnings per share of $1.10 - $1.20, on revenues of $1.45 - $1.50 billion. The Street anticipates earnings per share of $1.16 on revenues of $1.48 billion for the year.