UPDATE 1-Orbital Sciences Q4 profit up, raises '08 view

(Recasts, adds 2008 outlook, details)

Feb 14 (Reuters) - Orbital Sciences Corp (ORB.N), which makes small rockets and space systems, posted fourth-quarter profit that beat analysts' view, driven by a 191 percent revenue growth in its advanced space programs, and raised its 2008 outlook.

Orbital posted quarterly net income of $15.8 million, or 26 cents a share. It had earned $12.5 million, or 20 cents a share, on an adjusted basis in the year-ago quarter.

Analysts on average had expected earnings of 24 cents a share, before items, according to Reuters Estimates.

Revenue rose 36 percent to $293.1 million, beating analysts' expectation of $270.6 million.

Revenue for the advanced space programs segment rose to $54.1 million, from $18.6 million, a year earlier, driven by contract activity on the Orion human spacecraft program for NASA. Orion is a spacecraft design which is being developed by NASA.

The Dulles, Virginia-based company now sees 2008 earnings of 95 cents to $1.00 a share, up from its prior forecast of 93 cents to 98 cents a share.

It expects revenue of $1.10 billion to $1.13 billion, compared with its previous view of $1.08 billion to $1.10 billion.

For 2008, analysts were expecting earnings of $1.02 a share, on revenue of $1.13 billion.

The company's stock closed at $25.46 Wednesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Amitha Rajan)