spacetoday.net: Orbital reports increased profit despite flat revenue

Orbital reports increased profit despite flat revenue

Posted: Wed, Apr 24, 2013, 7:16 AM ET (1116 GMT)
Orbital Sciences Corporation reported Tuesday an increase in net income in the first quarter of 2013 over a year ago despite no growth in the company's revenues. Orbital reported a net income of $19.6 million on $334.8 million in revenue for the first quarter of 2013, compared to $13.0 million of net income on $338.0 million in revenue for the same quarter of 2012. The company said that improved operating margins as well as restructuring of the company's long-term debt accounted for the increased net income. The company said in a later conference call with analysts that it is working on an all-electric-propulsion version of its commercial satellite buses, spurred on by similar developments by Boeing.