Orbital Sciences Q2 Profit Edges Up; Cuts FY14 Revenues Outlook - Quick Facts

(RTTNews) - Orbital Sciences Corp. (ORB) reported that net income for the second quarter of 2014 edged up to $16.53 million from last year's $16.28 million. But, earnings per share was $0.27, unchanged from the previous year.

Results for the second quarter of 2014 included an approximately $12 million insurance recovery accrual recognized in "other income (expense)" pertaining to a satellite anomaly reported in the first quarter of 2014.

Adjusted net income in the second quarter of 2014 was $20.7 million or $0.34 adjusted earnings per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues dropped to $318.1 million, from $333.1 million in the second quarter of 2013. Wall Street expected revenues of $357.90 million for the quarter.

The company still expects adjusted earnings per share for fiscal 2014 to be in the range of $1.10 - $1.20. But, the company cut its fiscal 2014 revenues outlook to a range of $1.400 billion - $1.425 billion from the prior estimate of $1.450 billion - $1.500 billion. Street currently is looking for fiscal year 2014 earnings of $1.16 per share on annual revenues of $1.47 billion.