Maxar reverses 2019 Q3 loss but misses sales projections

WESTMINSTER — Aerospace and satellite-imaging firm Maxar Technologies Inc. (NYSE: MAXR) posted a profit of $85 million in the third quarter of 2020 on $436 million in sales, up from a loss of $25 million during the same period last year. 

“We generated solid year-over-year revenue growth this quarter as demand has remained resilient and our customers continue to rely on us for important national security and commercial missions. We also enjoyed significant backlog growth on a diversified set of awards with both government and commercial customers across our Earth Intelligence and Space Infrastructure segments,” Maxar CEO Dan Jablonsky said in a prepared statement.

Despite the year-over-year turnaround, Maxar missed Wall Street revenue estimates by more than $18 million.

Maxar reported its quarterly results after the closing bell, but the company’s stock was down more than 5% early in after-hours trading. 

“Performance in the quarter was solid, with both year-over-year revenue and profit growth on a consolidated basis and positive free cash flow,” Maxar chief financial officer Biggs Porter said in a statement. “While the existence of the COVID pandemic remains a risk to our operations and the operations of our customers, we have thus far been able to manage the crisis roughly in line with expectations. Given that, we are maintaining our outlook for 2020 consolidated revenue, adjusted EBITDA, and capex, and we are tightening the range of guidance for operating cash flow.”

© 2020 BizWest Media LLC