Maxar Technologies Reports Third Quarter 2019 Results

Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

73

 

$

62

 

 

$

215

 

$

198

 

Adjusted EBITDA

$

9

 

$

9

 

 

$

22

 

$

19

 

Adjusted EBITDA Margin

 

12.3

%

 

14.5

%

 

 

10.2

%

 

9.6

%

Services segment revenues increased to $73 million from $62 million, or by $11 million, for the three months ended September 30, 2019, compared to the same period of 2018. The increases were primarily driven by growth from new contract awards and expansion of programs with the U.S. government.

Adjusted EBITDA was $9 million for both the three months ended September 30, 2019 and 2018, respectively. The impact of the increase in revenues on Adjusted EBITDA was offset by a change in an expense related to a lease.

Corporate and other expenses

Corporate and other expenses include items such as corporate office costs, regulatory costs, executive and director compensation, foreign exchange gains and losses, retention costs, and fees for legal and consulting services.

Corporate and other expenses for the three months ended September 30, 2019 and September 30, 2018 were $19 million. These expenses were impacted by a decrease in selling, general and administrative expenses and a decrease in an expense related to a business dispute in 2018, which did not reoccur in 2019. These decreases were primarily offset by an increase in retention costs at Space Solutions and an increase in foreign exchange losses.

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