[SatNews] Orbital Sciences Corporation (NYSE: ORB) today reported its financial results for the first quarter of 2011.

First quarter 2011 revenues were $317.7 million, up 7 percent compared to $296.2 million in the first quarter of 2010. First quarter 2011 operating income was $10.1 million, compared to $17.4 million in the first quarter of 2010. Net income was $12.3 million, or $0.21 diluted earnings per share, in the first quarter of 2011, compared to net income of $9.3 million, or $0.16 diluted earnings per share, in the first quarter of 2010. Orbital’s free cash flow* in the first quarter of 2011 was $10.8 million compared to negative $10.3 million in the first quarter of 2010.

Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s first quarter 2011 top-line and bottom-line financial results were very good, with strong revenue growth in satellites and space systems and a 31 percent increase in earnings per share. In addition, the company received more than $1.6 billion in new orders during the quarter, increasing total backlog to a record level of $5.6 billion. These positive results were tempered by the operational failure of one of our Taurus XL rockets in March, which failed to deploy a NASA scientific satellite and reduced operating income in the quarter.” To read the entire financial report, select this direct link.