Maxar reports $45M in profit for Q2
WESTMINSTER — Satellite company Maxar Technologies Inc. (NYSE: MAXR) Thursday reported $45 million in earnings for the second quarter of 2021, down 85% from the $306 million it earned in the second quarter of 2020.
Earnings per share were down 87% from $5.05 to 62 cents.
Those steep decreases in earnings are explained by the one-time sale of Maxar’s Canadian operations that it made in the second quarter of 2020.
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Revenue was up nearly 8% for the quarter, to $473 million from $439 million last year.
“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, Biggs Porter, chief financial officer, said in a prepared statement. “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.”
Maxar stock closed Thursday at $29.21 per share, down 14% from open.
