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Maxar performance turns red in fourth quarter

WESTMINSTER — Maxar Technologies Inc. (NYSE: MAXR) posted a net loss in the fourth quarter of 2022, a reversal from a profitable period during the same quarter of the prior year. 

The satellite-imagery company posted a 2022 fourth-quarter loss of $109 million. That’s compared with a net gain of $71 million in the fourth quarter of 2021. 

Maxar’s performance for the most recent period represents a loss of $1.47 per share, far exceeding Zacks Consensus Estimate of a loss of 41 cents per share.

The company also missed the mark on sales. Fourth-quarter 2022 revenues were $326 million, down from $468 million in the fourth quarter of 2021. Wall Street analysts expected sales of  $440.6 million in the most recent period. 

The fourth quarter was a significant one for Maxar. In December 2022, the company announced it would be acquired by Advent International, a Boston-based private-equity firm, for $6.4 billion.

The deal comes five years after Canadian company MacDonald, Dettwiler and Associates Ltd. merged with Westminster-based DigitalGlobe in a $2.4 billion deal, with the combined company renamed Maxar Technologies.

Maxar’s stock price closed Thursday at $51.40, flat for the day.

Source: BizWest