MAXR - Maxar falls 10% as Q1 earnings miss despite Space Infrastructure improvement

Maxar Technologies (MAXR) has tumbled 10.5% after hours following a substantial miss on top and bottom lines in its Q1 earnings. Revenues grew but only slightly, to $392M, though they (and earnings overall) were negatively impacted by a $28M charge tied to the SiriusXM-7 satellite program. "Without this charge, we performed in line with our expectations for the quarter," Chief Financial Officer Biggs Porter says. Also affected by the charge was EBITDA of $67M (down from a prior-year $77M) and a net loss of $84M. EBITDA margin was 17.1%, down from 20.2%. Revenues by segment: Earth Intelligence, $250M (down 7.7%); Space Infrastructure, $155M (up 17.4%). Adjusted EBITDA by segment: Earth Intelligence, $107M (down 19.5%); Space Infrastructure, -$12M (narrowed from year-ago -$39M). Order backlog as of quarter-end was $1.8B. vs. $1.9B as of Dec. 31. Total debt was $2.1B at quarter's end, vs. $2.4B at the end of 2020. Conference call

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Maxar falls 10% as Q1 earnings miss despite Space Infrastructure improvement