Maxar Technologies reports third quarter 2018 results, declares quarterly dividend

Total Company revenues declined 10% year-over-year for the three months ended September 30, 2018 on a pro forma basis, as growth in Imagery was more than offset by declines in the Services and Space Systems segments, with the latter impacted since 2015 by the step down in industry award values for GEO Comsats. The Company also experienced, as expected, a lower level of planned activity on the RCM project for the Canadian government. Excluding the GEO Comsat business, revenues decreased 1.0% over the third quarter of 2017. Year-to-date revenues declined 6.3% over the prior period as growth in Imagery was more than offset by declines in the Space Systems segment.  Excluding the GEO Comsat business, revenues increased 4.4% year-to-date over the same period in 2017. 

Adjusted EBITDA margin percentage for the total Company was 28.8% for the three months ended September 30, 2018 compared to 33.5% for the same period in the prior year. The decrease for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 was driven by the Space Systems segment and is primarily related to an increase in estimated costs to complete programs as a result of supplier performance issues experienced during the third quarter of 2018, under-absorption of fixed indirect overhead due to a reduced number of satellite awards, reduced labor productivity and a recovery of liquidated damages which occurred during 2017 contributed to the decrease in EBITDA. Excluding the GEO Comsat business, adjusted EBITDA margin percentage for the total Company was 38.5% for the three months ended September 30, 2018 compared to 41.9% for the same period in the prior year, and on a year-to-date basis was 40.1% compared to 41.0% in the prior year period.

MAXAR TECHNOLOGIES LTD.
Unaudited Condensed Consolidated Statements of Earnings
(In millions of United States dollars, except per share amounts)


Three months ended


Nine months ended


September 30, 


September 30, 


2018


2017


2018


2017

Revenues

$

508.2


$

337.4


$

1,644.8


$

1,086.1

Costs and expenses:












Direct costs, selling, general and administration


399.7



272.3



1,177.2



891.5

Depreciation and amortization


119.5



19.2



347.0



57.5

Impairment losses and inventory obsolescence


345.9





345.9



Foreign exchange loss (gain)


0.4



(3.7)



2.4



(13.4)

Share-based compensation expense


4.2



5.3



13.5



12.1

Other expense


26.2



10.3



55.5



46.1

(Loss) earnings before interest and income taxes


(387.7)



34.0



(296.7)



92.3

Finance expense, net


48.7



11.1



142.9



32.5

(Loss) earnings before income taxes


(436.4)



22.9



(439.6)



59.8

Income tax (recovery) expense


(4.6)



10.6



(17.6)



23.9

Equity in earnings from joint ventures, net of tax


0.7





(1.9)



Net (loss) earnings

$

(432.5)


$

12.3


$

(420.1)


$

35.9













Net (loss) earnings per common share:












Basic

$

(7.31)


$

0.34


$

(7.29)


$

0.98

Diluted

$

(7.31)


$

0.34


$

(7.29)


$

0.98


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