Earnings: Danaher, Orbital Sciences

From the Associated Press

*Diversified manufacturer Danaher said second-quarter profit rose 17 percent, to $363.4 million ($1.09 a share) from $311.2 million (96 cents a share) in the second quarter of 2007, citing a broad-based improvement in sales across its businesses that make products including medical tools and water treatment systems. Revenue at the District-based company rose 25 percent, to $3.28 billion.

*Orbital Sciences of Dulles posted solid earnings growth for the second quarter Thursday, driven by strong sales in its advanced space programs and launch vehicle operations. Profit jumped 87 percent, to $25.8 million (43 cents per share) from $13.8 million (23 cents) in the second quarter of last year. Revenue climbed 15 percent, to $301.2 million from $261.2 million.

Orbital Sciences said its latest quarterly results included $15 million from discontinued operations consisting primarily of a gain on the sale of the company's transportation management systems business during the period.

The company said it received about $230 million in contract bookings and $145 million in new option contract bookings in the second quarter. Orbital Sciences expects to carry out about 15 space missions and missile launches during the second half of the year.

Looking ahead, Orbital Sciences revised its financial outlook for the full year, raising its earnings projections to 93 cents to 97 cents per share from a previous estimate of 84 cents to 89 cents per share. It lowered its revenue projections to $1.1 billion to $1.125 billion from a prior range of $1.16 billion to $1.185 billion. The guidance reflects the sale of a business unit, tax benefits and an improved profit outlook.

The company also said that the Justice Department has closed a criminal investigation into suspected violations of government contracting laws in connection with Orbital Sciences' launch vehicle programs without any bringing charges or actions against the company.

By Terri Rupar  |  July 17, 2008; 12:30 PM ET  | Category:  Earnings
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