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Orbital Sciences Corp. Message Board

  • mcrf52 mcrf52 Apr 23, 2013 9:05 AM Flag

    Big beat on Bottom Line

    33 cents per share versus est of 23. Top line revenues down a bit. Margins good . Negative cash flow for the quarter. Per last CC call that is supposed to peak around here,and is primarlly the resust of a big recieivable from NASA which requires a performance completion of COTS I believe.

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    • Okay. Thompson was pretty reserved at the conference call. He thanked the three amigos for their continued support right off the bat! Then he thanked NASA. I imagine he felt good about not having to explain another delay. To correct what I have stated about the cash flow and growing receivables,... They get paid for costs in part with each successful CRS mission, and not with the success of the upcoming demo mission. Management expects first half cash flow to be negative for the first half and positive in the second half.The positive EPS results were clearly from a strong margin build up across all biz segments and a tax credit. Interesting question in Q&A came when an analyst talked about the supply of engines for the Antares. It was mentioned here on this board a few months back ( not sure who) that supply might be an issue. Thompson certainly was confident about enough to fill this CRS and a few more behind it ,for bid on a CRS contract beyond the existing one. It seems like something will need to be addressed over the next year or so. I am thinking we are getting ahead of ourselves here as they have yet to complete the COTS demo. It seems as though they have a busy year ahead and have put out an additional 1.4 billion in new business proposals to be decided on in Q 2 and Q3. None of those are related to Antares LV, although after a few more positive results, ORB expects that will become part of new business. Thompson figures that might happen early next year. Lots of good stuff so I suggest a good read of the transcript.
      Ps..He actually thanked long term shareholders and not the three amigos.

      Sentiment: Strong Buy

    • Nailed earnings and held estimates for now, Doc, but no excitement on this board. However investors spoke with their fingers, taking it up $.62 on solid volume. I tried to buy some Sept calls yesterday to no avail. Could be worse. Sitting here watching the clammers out on the flats in the rain, ho hum.

      Sentiment: Buy