Maxar says no impact yet from coronavirus
Note: As a public service, BizWest is making all of its coverage of the COVID-19 virus free to read. Please consider subscribing to BizWest to support our efforts to keep you informed on Northern Colorado and the Boulder Valley’s top business news.
WESTMINSTER — Maxar Technologies (NYSE/TSX: MAXR) said the spread of the COVID-19 virus around the U.S. and the world has yet to affect its operations.
In a statement to investors Wednesday morning, the satellite and space infrastructure company said all of its facilities remain open, and it is watching for any changes in contract awards for signs of a possible slowdown in spending.
SPONSORED CONTENT
Exploring & expressing grief
Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.
“To date there has been no material impact to delivery of Maxar’s backlog or revenue because of COVID-19,” the company said.
While Maxar has five suppliers in China, it said those suppliers don’t have any near-term obligations to deliver. The company also doesn’t expect any major supply chain issues due to materials being sourced from affected areas.
Maxar’s statement came just hours before the World Health Organization declared COVID-19 as a global pandemic. The pandemic designation doesn’t change the way global health officials are supposed to approach the spread and treatment of the disease, but it is a formal recognition of just how grave the spread of the virus has become.
Doug Taylor, an analyst covering Maxar with Toronto-based Canaccord Genuity, said the space industry in general isn’t as sensitive to supply chain shocks because its orders are low-volume and have plenty of lead time, meaning the parts were being built far ahead of time.
He also said commercial aerospace companies such as airlines are more likely to see a drop in demand compared to geospatial intelligence companies such as Maxar that mainly sell to government agencies.
© 2020 BizWest Media LLC
