Orbital Sciences Q3 Profit Down, Yet Beats View; Tightens 2013 Revenue Target

(RTTNews) - Orbital Sciences Corp. (ORB), a maker of small and medium-class rockets and space systems, Thursday announced a decline in third-quarter net income to $15.6 million, or $0.26 per share, from last year's $19.5 million, or $0.33 per share, reflecting the drop in revenues and operating income, partially offset by a $1.4 million reduction in interest expense as a result of a debt refinancing transaction in the fourth quarter of 2012. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the tri-monthly period were $322.0 million, compared with $372.9 million in the 2012 third quarter. Analysts estimated revenues of $360.08 million for the quarter. In addition, Orbital's effective income tax rate was 37% in the third quarter of 2013, reflecting a favorable research and development tax credit adjustment.

Looking ahead, the company updated its 2013 guidance, by now expecting revenues in the range of $1.375 billion - $1.40 billion, versus its prior $1.375 billion - $1.425 billion range. Meanwhile, full-year earnings per share are still projected to lie between $1.05 - $1.15 range. Analysts anticipate earnings per share of $1.12 on $1.40 billion in revenues for 2013.