Maxar misses EPS, revenue estimates in Q2

WESTMINSTER  — Maxar Technologies Inc. (NYSE: MAXR)(TSX: MAXR) posted a 15.4 percent drop in revenue from last quarter to the second quarter of 2018 on falling space systems and imaging sales.

The Westminster-based aerospace company posted a Q2 2019 revenue of $490 million, missing Wall Street estimates by $29.36 million. Its earnings per share figure for the quarter was $2.45, missing analyst estimates by 5 cents.

Maxar’s space systems business lost $73 million year-over-year in the second quarter, while its imagery business lost $11 million over the quarters, according to the company’s quarterly filings with the U.S. Securities and Exchange Commission.

The imaging losses partially come from the failure of Maxar’s WorldView-4 satellite, which malfunctioned in January. The company said it had received the remainder of its $183 million insurance claim during the quarter.

Maxar reported their earnings after the close of trading Tuesday. Its stock price at the New York Stock Exchange closed at $7.17, while the company’s stock price closed at $9.52 CAD in the Candian TSX Exchange.

In a separate press release Tuesday afternoon, Maxar said it successfully launched a new satellite for telecom company Intelsat.

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