Orbital Sciences Corporation (ORB) today reported its financial results for the second quarter of 2014. Second quarter 2014 revenues were $318.1 million, compared to $333.1 million in the second quarter of 2013. Second quarter 2014 operating income was $15.3 million. Adjusted operating income* in the second quarter of 2014 was $21.9 million, or 6.9% of revenues, compared to $26.3 million, or 7.9% of revenues, in the second quarter of 2013.
Net income in the second quarter of 2014 was $16.5 million. Adjusted net income* in the second quarter of 2014 was $20.7 million, or $0.34 adjusted diluted earnings per share*, compared to net income of $16.3 million, or $0.27 diluted earnings per share, in the second quarter of 2013. Orbitals free cash flow* in the second quarter and first half of 2014 was $16.7 million and $103.7 million, respectively, compared to positive $6.9 million and negative $27.3 million in the second quarter and first half of 2013.
While revenues were down due to the delayed start of several satellite contracts, the quarters adjusted earnings per share and year-to-date free cash flow were well ahead of last years results, said Mr. David W. Thompson, Orbitals Chairman and Chief Executive Officer. In addition to carrying out a series of important space missions and booking $550 million of new business, the companys big news in the second quarter was the announcement of a proposed merger-of-equals combination of Orbital and ATKs Aerospace and Defense Groups. Transition planning and related activities for the merger are on track for an anticipated closing in the fourth quarter, he added.
