Why Maxar Stock Got Crushed Today
Shares of Maxar Technologies (NYSE: MAXR) have gotten crushed today, down 13.5% as of market close, after the company reported first-quarter earnings results. The space tech specialist also said it had scored a contract to build satellites for an undisclosed customer.
Revenue in the first quarter came in at $381 million, which led to a net loss of $48 million, or $1.30 per share. Adjusted EBITDA was $77 million. The company noted that it recognized $18 million in charges related to COVID-19, as well as another for $14 million due to "a recent design anomaly detected in a final satellite test procedure." Excluding those charges, Maxar's net loss would have been $16 million and adjusted EBITDA would have been $109 million.
Image source: Maxar.
Source Fool.com
