Maxar Technologies Reports Second Quarter 2019 Results

Space Systems

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

257

 

$

330

 

$

531

 

$

623

 

Adjusted EBITDA

$

28

 

$

13

 

$

38

 

$

41

 

Adjusted EBITDA margin percentage

 

10.9

%

 

3.9

%

 

7.2

%

 

6.6

%

Revenues from the Space Systems segment decreased to $257 million from $330 million, or by $73 million, for the three months ended June 30, 2019, compared to the same period of 2018. Revenues from Space Solutions decreased primarily as a result of the impact of reduced volume in our geostationary satellite manufacturing business (“GeoComm”) business and an increase in estimated costs to complete. An increase in estimated costs to complete directly impacts revenues, as revenues are recognized over time under the cost-to-cost method. Revenues from MDA also decreased which was primarily related to lower revenues on the RCM program in Canada which launched in June 2019.

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