Maxar tops Wall Street estimates with strong earnings in fourth quarter

WESTMINSTER — Maxar Technologies Inc. (NYSE: MAXR), an aerospace equipment manufacturer and satellite operator, blew past Wall Street’s earnings expectations in the fourth quarter of 2021, turning around what was a losing period for the company in 2020.

In the fourth quarter, Maxar recorded consolidated revenues of $468 million and net income from continuing operations of $71 million, or 95 cents per share. Analysts predicted the company would post an EPS of around 7 cents. 

During the final quarter of 2020, Maxar had a $52 million loss. 

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For the full 2021 fiscal year, Maxar posted consolidated revenues of $1.77 billion diluted net income per share of 63 cents. 

“We generated cash flow growth in 2021 versus a year ago on better operating cash flow performance and lower capital expenditures. I am pleased with the full-year financial performance across the organization, particularly the adjusted EBITDA margin expansion we saw in both Earth intelligence and space infrastructure driven by mix and solid execution,” Maxar chief financial officer Biggs Porter said in a prepared statement. “Looking ahead, we continue to see strong growth in revenue, adjusted EBITDA and cash flow over the next several years, and we remain focused on reducing debt and leverage.”

Maxar, which recorded its earnings report Tuesday, has seen its stock rise by nearly 25% in the days that followed.