Maxar Q3 revenue up a tick, net income down

WESTMINSTER — Maxar Technologies Inc. (NYSE: MAXR) earned net income of $14 million on consolidated revenue of $437 million in its third quarter ended Sept. 30.

Its revenue was essentially unchanged compared with the same quarter last year. Net income declined from $84 million, after recalculating equity in a 3D data and analytics firm McLean, Virginia-based Vricon Inc., which it bought in July 2020 for $140 million, a press release said.

Maxar this week hired a chief strategy officer with investment banking experience to drive some elements of growth including mergers and acquisitions.

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Maxar, a geospatial information, space infrastructure and broadband communications company, reported $113 million in adjusted earnings before interest, taxes, depreciation and amortization, a non-GAAP measure. Adjusted EBITDA margin was 25.9%.

Maxar increased its ground infrastructure work with foreign governments and satellite building for broadcaster Sirius XM in the quarter.

Some growth came from “commercial and international defense and intelligence customers [and] recent commercial awards,” said CFO Biggs Porter.

The company had an order backlog of $2.1 billion at the end of the quarter, up about 10% from year-end 2020.

Shares traded 4% higher after-hours Wednesday, following the quarterly report. Maxar’s market cap is about $2 billion.

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