Maxar Technologies reports third quarter 2018 results, declares quarterly dividend

2018 Financial Outlook

  • Revenue decline of ~6.5% (pro forma)
  • Adjusted Segment EBITDA margins of ~32% (excluding corporate expense)
  • Adjusted EPS of $4.05 to $4.10
  • Adjusted operating cash flow of $300 million to $400 million
  • Capital expenditures of $300 million to $315 million

Total Company revenues on a pro forma basis are now expected to decline roughly 6.5% from 2017 on a lower expected outlook in the Company's Space Systems and Services Segment. The outlook for Space Systems has been impacted by lower GEO Comsats' order activity and higher than expected costs as a result of supplier performance issues and delays, lower overhead absorption and lower labor productivity. The Services outlook has been impacted by contract transitions with the US government and lower volume levels recognized on sub-contractor work. Segment EBITDA margins are now expected at roughly 32% and have been impacted by lower volumes and higher costs in the Space Systems segment. Adjusted EPS is now expected in a range of $4.05 to $4.10 and has been primarily impacted by the profit outlook for the Space Systems segment. There has been no change to the Company's outlook for adjusted operating cash flow of $300 million to $400 million. Expected capital expenditures are now in a range from $300 million to $315 million and lower than the previous outlook.

Segment Results

The Company analyzes financial performance by segment, which combine related activities within the Company.




Reported



Reported




Three months ended



Nine months ended




September 30, 



September 30, 




2018



2017



2018



2017

($ millions)













Revenue













Space Systems


$

262.5


$

297.8


$

885.8


$

977.5

Imagery



209.2



11.8



632.6



30.4

Services



61.8



29.0



198.1



81.6

Intersegment eliminations



(25.3)



(1.2)



(71.7)



(3.4)

Total Revenue



508.2



337.4



1,644.8



1,086.1

Adjusted EBITDA1













Space Systems


$

19.0


$

61.2


$

115.8


$

184.8

Imagery



132.9



7.5



407.2



17.0

Services



9.3



5.1



23.3



13.8

Intersegment eliminations



(4.9)





(12.3)



Total Segment Adjusted EBITDA



156.3



73.8



534.0



215.6

Unallocated corporate expenses



(10.0)



(5.1)



(29.1)



(17.8)

Total Adjusted EBITDA


$

146.3


$

68.7


$

504.9


$

197.8

1

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


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