Maxar Technologies reports third quarter 2018 results, declares quarterly dividend



Three months ended



Nine months ended



September 30, 



September 30, 



2018


2017



2018


2017

($ millions, except per share amounts)










Net (loss) earnings

$

(432.5)

$

12.3


$

(420.1)

$

35.9

Items affecting comparability:











Impairment losses and inventory obsolescence


383.6




383.6



Amortization of acquisition related intangible assets


70.3


8.0



206.7


24.0


Acquisition and integration related expense


14.1


9.6



24.8


29.9


Share-based compensation expense


4.2


5.3



13.5


12.1


Interest expense on dissenting shareholder liability





3.0



Restructuring and enterprise improvement costs


7.4


0.7



20.0


16.2


Foreign exchange differences


0.5


(0.1)



2.0


(10.2)


Loss on sale of subsidiary





2.8



Legal settlement and provision


4.7




7.9



Equity in loss (earnings) from joint ventures, net of tax


0.7




(1.9)



Income tax (recovery) expense adjustment


(8.4)


0.7



(44.6)


(2.4)

Adjusted earnings 1

$

44.6

$

36.5


$

197.7

$

105.5


Net finance expense 2


48.7


11.1



139.9


32.5


Depreciation and amortization 3


49.2


11.2



140.3


33.5


Income tax expense on adjusted earnings 4


3.8


9.9



27.0


26.3

Adjusted EBITDA

$

146.3

$

68.7


$

504.9

$

197.8











Consolidated revenues

$

508.2

$

337.4


$

1,644.8

$

1,086.1

Adjusted EBITDA as a percentage of revenues


28.8 %


20.4 %



30.7 %


18.2 %

Adjusted earnings per share 1

$

0.75

$

1.00


$

3.41

$

2.89











Net (loss) earnings per share, basic

$

(7.31)

$

0.34


$

(7.29)

$

0.98

Net (loss) earnings per share, diluted

$

(7.31)

$

0.34


$

(7.29)

$

0.98











Weighted average number of common shares outstanding (millions) :










Basic


59.2


36.5



57.6


36.5

Diluted


59.2


36.5



57.6


36.5

Diluted (for purposes of calculated adjusted earnings per share) 1


59.5


36.5



57.9


36.5

1

This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release.

2

Excludes interest expense from dissenting shareholder liability.

3

Excludes amortization of acquisition related intangible assets.

4

Excludes income tax (recovery) expense adjustment related to adjusted earnings.


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