Maxar Technologies Ltd. (MAXR) Misses Q1 EPS, Revs

Maxar Technologies Ltd. (NYSE: MAXR) reported Q1 EPS of ($0.80) which may not compare to the analyst estimate of $1.06. Revenue for the quarter came in at $381 million which may not compare to the consensus estimate of $560.3 million.

“Our results this quarter reflect progress on our multi-year strategy to strengthen our company and position it for revenue, profit and cash flow growth. Importantly, we closed the MDA divestiture, which helped improve our balance sheet. We generated solid revenue growth in Earth Intelligence, and quarter-over-quarter consolidated backlog growth, demonstrating solid demand from customers and continued success of our diversification strategy,” said Dan Jablonsky, CEO. “And the bookings momentum has continued into the second quarter with today’s signing of a contract to build multiple 1300-Class communications satellites. This brings our bookings total in Space Infrastructure to over $700 million year-to-date and puts us on a path for another year of backlog growth for this segment.”

Jablonsky continued, “As we respond to the global Coronavirus pandemic, we are focused on protecting the health and safety of our team members, families, customers and communities while continuing to deliver the products and services needed by our partners to complete their critical missions.”

“We ended the quarter with roughly $500 million in liquidity and no significant debt maturities until the end of 2023,” stated Biggs Porter, CFO. “This quarter’s results were negatively impacted by an increase in estimated costs to complete programs and scheduling penalties in our Space Infrastructure segment because of the social distancing restrictions put in place across the world to help combat COVID-19. Separately we discovered a design anomaly on a commercial satellite program in late April prior to shipment. This was during the final stage of our thorough test process and resulted in schedule revisions and cost growth. Our results included negative impacts of $32 million in the quarter related to these items. Excluding these items, our results are in line with expectations.”

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

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