Maxar Technologies Ltd. (MAXR) Misses Q2 EPS by 46c

Maxar Technologies Ltd. (NYSE: MAXR) reported Q2 EPS of $0.60, $0.46 worse than the analyst estimate of $1.06. Revenue for the quarter came in at $473 million versus the consensus estimate of $560.3 million.

“We continued this quarter to make progress toward achieving our longer-term targets, including efforts to drive sustainable growth in both our Earth Intelligence and Space Infrastructure segments,” stated Dan Jablonsky, President and Chief Executive Officer. “In Earth Intelligence, we received multiple awards from the US and international government customers, including programs supporting persistent change monitoring and space domain awareness, as well as imagery and 3D data sales. Importantly, early in the third quarter, we received our first commitment for Legion capacity from a US ally and our 11th renewal of the Enhanced View program for the period starting September 1st of this year. Commercial awards included a data sale to a large social media company. In Space Infrastructure, wins in the quarter included a contract modification with NASA for work on the Power Propulsion Element and study contracts for National Security classified work as we continue to look to shape new programs and further diversify the business. Also, as announced earlier today, we received an award from Sirius XM to produce their XM-9 satellite.”

“We generated solid year-over-year revenue growth driven by performance on previously awarded programs in Space Infrastructure and robust book-ship activity in Earth Intelligence. Margin performance was also solid given improving execution and mix. Year-to-date free cash flow is exceeding our internal expectations even though this quarter was negatively impacted by the timing of receipts that were collected early in the current quarter,” stated Biggs Porter, Chief Financial Officer. “We are maintaining 2021 guidance for all metrics, including revenue, Adjusted EBITDA and cash flow.”

For earnings history and earnings-related data on Maxar Technologies Ltd. (MAXR) click here.

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