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Maxar's (MAXR) Loss Widens in Q2, Revenues Miss Estimates
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Maxar Technologies Inc reported a loss per share of 41 cents in second-quarter 2022 against earnings of 60 cents in the prior-year quarter. The Zacks Consensus Estimate for second-quarter earnings was pegged at 8 cents per share.
The company reported quarterly revenues of $438 million, down 7.4% from the year-ago quarter’s $473 million. Weakness at Earth Intelligence and Space Infrastructure segments affected the top line performance. The top line also missed the consensus mark of $453.9 million.
Revenues from Earth Intelligence increased marginally to $284 million. The top-line performance was primarily driven by higher product revenues. The segment’s adjusted EBITDA margin was down to 45.4% million from 46.3% a year ago.
Revenues from Space Infrastructure declined to $186 million from $206 million reported in the prior-year quarter. Revenues declined due to lower revenues from commercial and U.S. government customers. The segment’s adjusted EBITDA margin was down to 10.2% million from 13.1% a year ago.
Maxar Technologies Inc. Price, Consensus and EPS Surprise
Total quarterly adjusted EBITDA was $119 million compared with $132 million a year ago, with respective margins of 27.2% and 27.9%.
As of Jun 30, 2022, the order backlog decreased to $2,945 million from $1,893 million as of Dec 31, 2021. The increase in backlog was primarily by increases in the Earth Intelligence segment.
The selling, general and administrative (SG&A) costs were $106 million compared with $88 million in the prior-year quarter. The increase was primarily due to an increase in labor-related expenses, driven by annual merit increases and fringe benefits.
Cash Flow & Liquidity
As of Jun 30, 2022, Maxar generated $19 million cash from operating activities compared with $48 million in the prior year. The company incurred a capital expenditure of $87 million, driven by the Worldview Legion program.
As of Jun 30, 2022, the company had $15 million in cash and cash equivalents compared with $22 million in the quarter ended Mar 31, 2022. As of Jun 30, 2022, the company had long-term debt of $2,194 million compared with $2,060 million in the quarter ended Mar 31, 2022.
Guidance
For 2022, Maxar now expects revenues of $1,805-$1,855 million compared with earlier guided range of $1,790-$1,870 million. It expects an adjusted EBITDA of $455-$505 million. The operating cash flow is expected to be $300-$380 million.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 7% in the past 60 days. Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 4.8% of their value in the past year.
The Zacks Consensus Estimate for Cadence’s 2022 earnings is pegged at $4.11 per share, up 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
CDNS earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have increased 23.8% in the past year.
The Zacks Consensus Estimate for Intuit’s fiscal 2022 earnings is pegged at $11.72 per share, rising 0.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 15.6%.
Intuit’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average being 16.8%. Shares of INTU have lost 12.9% in the past year.
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Maxar's (MAXR) Loss Widens in Q2, Revenues Miss Estimates
Maxar Technologies Inc reported a loss per share of 41 cents in second-quarter 2022 against earnings of 60 cents in the prior-year quarter. The Zacks Consensus Estimate for second-quarter earnings was pegged at 8 cents per share.
The company reported quarterly revenues of $438 million, down 7.4% from the year-ago quarter’s $473 million. Weakness at Earth Intelligence and Space Infrastructure segments affected the top line performance. The top line also missed the consensus mark of $453.9 million.
Revenues from Earth Intelligence increased marginally to $284 million. The top-line performance was primarily driven by higher product revenues. The segment’s adjusted EBITDA margin was down to 45.4% million from 46.3% a year ago.
Revenues from Space Infrastructure declined to $186 million from $206 million reported in the prior-year quarter. Revenues declined due to lower revenues from commercial and U.S. government customers. The segment’s adjusted EBITDA margin was down to 10.2% million from 13.1% a year ago.
Maxar Technologies Inc. Price, Consensus and EPS Surprise
Maxar Technologies Inc. price-consensus-eps-surprise-chart | Maxar Technologies Inc. Quote
Other Details
Total quarterly adjusted EBITDA was $119 million compared with $132 million a year ago, with respective margins of 27.2% and 27.9%.
As of Jun 30, 2022, the order backlog decreased to $2,945 million from $1,893 million as of Dec 31, 2021. The increase in backlog was primarily by increases in the Earth Intelligence segment.
The selling, general and administrative (SG&A) costs were $106 million compared with $88 million in the prior-year quarter. The increase was primarily due to an increase in labor-related expenses, driven by annual merit increases and fringe benefits.
Cash Flow & Liquidity
As of Jun 30, 2022, Maxar generated $19 million cash from operating activities compared with $48 million in the prior year. The company incurred a capital expenditure of $87 million, driven by the Worldview Legion program.
As of Jun 30, 2022, the company had $15 million in cash and cash equivalents compared with $22 million in the quarter ended Mar 31, 2022. As of Jun 30, 2022, the company had long-term debt of $2,194 million compared with $2,060 million in the quarter ended Mar 31, 2022.
Guidance
For 2022, Maxar now expects revenues of $1,805-$1,855 million compared with earlier guided range of $1,790-$1,870 million. It expects an adjusted EBITDA of $455-$505 million. The operating cash flow is expected to be $300-$380 million.
Zacks Rank & Stocks to Consider
Maxar currently carries a Zacks Rank #3 (Hold).
Some other top-ranked stocks from the broader technology sector worth consideration are Cadence Design Systems (CDNS - Free Report) , Intuit (INTU - Free Report) and Badger Meter (BMI - Free Report) . Cadence and Badger Meter sports a Zacks Rank #1 (Strong Buy), while Intuit carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 7% in the past 60 days. Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 4.8% of their value in the past year.
The Zacks Consensus Estimate for Cadence’s 2022 earnings is pegged at $4.11 per share, up 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
CDNS earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have increased 23.8% in the past year.
The Zacks Consensus Estimate for Intuit’s fiscal 2022 earnings is pegged at $11.72 per share, rising 0.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 15.6%.
Intuit’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average being 16.8%. Shares of INTU have lost 12.9% in the past year.