Revenues dip as Maxar posts quarterly loss

WESTMINSTER — Maxar Technologies Inc. (NYSE: MAXR), an aerospace equipment manufacturer and satellite operator, saw sales shrink and posted a net loss in the second quarter of 2022.

Revenues for the quarter were $438 million, down from $473 million in the same period last year.

Maxar’s Space Infrastructure segment was to blame, “primarily as a result of a $17 million decrease in revenues from recurring commercial programs and a $3 million decrease in revenues from U.S. government contracts,” the company said in its quarterly report.

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The Westminster firm posted a net loss of $30 million, which includes a $53 million loss on debt extinguishment. That’s compared with a profit of $45 million for the same period of 2021.

“We made solid progress this quarter on our strategic growth plans,” Maxar CEO Dan Jablonsky said in a prepared statement. “Our Earth Intelligence segment had a diversified set of bookings across the U.S. government, international allies, and enterprise customers. The Electro-Optical Commercial Layer Program award provides great revenue visibility for Maxar over the next decade and provides multiple paths for growth with our diversified customer base in the years ahead. In our Space Infrastructure business, we’re seeing momentum and growth opportunities as we execute our strategy of customer and product diversification for national defense, commercial and civil missions.”

Maxar’s stock price closed the trading day Wednesday at $26.07, down 8.78%.