Orbital Sees 18 Percent Profit Loss in Third Quarter

[10-28-09] Orbital Sciences Corp.’s third-quarter profits fell almost 18 percent, with net income at $9.4 million compared to $11.4 million in 2008, the company announced in its financial results, released Oct. 27.
    The company’s revenue dropped slightly to $277.1 million from $278.6 million in the same period a year ago due to fewer satellite and missile defense contracts. However, Orbital reported that it recently received a total of $365 million in new contracts, which the company claims will keep it on track to earn between $1.11 billion and $1.14 billion in 2009 and between $1.18 billion and $1.23 billion in 2010.
    Orbital’s operating income dipped $7 million in the quarter. The company blamed unrecovered research and development expenses for the loss but said it will be offset by future government contracts.