Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Orbital Sciences Executing Better, But Business Remains Volatile

I liked Orbital Sciences (ORB) back in September, but even I'm surprised at the better than 50% jump in the shares. Successfully completing the first operational Cygnus cargo mission to the International Space Station definitely helped, but so too did solid guidance on revenue and free cash flow for 2013. As the Cygnus program matures, recognized margins should move up and Orbital should unlock significant free cash flow. Risks remain, though, in the company's ability to keep the satellite business moving forward and resolving potential supply issues for the Antares rocket.

Another Miss On The Top Line, But Not All Bad News

Orbital Sciences missed the sell-side target for the fourth straight quarter, and I believe that does underline...

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