Author: Regina Garcia|| Date Published: August 11, 2022
Maxar Technologies (NYSE: MAXR) has attributed a marginal second quarter revenue increase in the company’s Earth intelligence business segment to higher sales of satellite imagery products.
Revenue for the segment climbed by $1 million year-over-year to $284 million, primarily due to a cumulative $6 million hike in sales from U.S. government and from commercial programs, the company said Tuesday.
Maxar President and CEO Dan Jablonsky noted the Electro-Optical Commercial Layer contract from the National Reconnaissance Office expands the company’s revenue visibility over the next decade and offers growth paths with its customer base in the coming years.
Jablonsky, a 2022 Wash100 Award recipient, told analysts on an earnings call the EOCL award in May primarily drove 4x book-to-bill for the quarter ended June 30.
Total backlog for the period amounted to $2.95 billion, up from $1.89 billion at the end of 2021. Operating cash flows came in at $67 million.
The company maintained its full-year forecasts for its revenue and adjusted earnings before interest, taxes, depreciation and amortization.
Maxar’s shares opened at $28.58 on Tuesday, slightly down from a previous close of $28.77.
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