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The company reported a net loss per share of $2.03 for 2022 against net income per share of 63 cents in 2021.
The company reported annual revenues of $1,605 million, down 9.3% from the previous year. Weakness in Earth Intelligence and Space Infrastructure segments affected the top-line performance.
In December 2022, Maxar announced that it had entered into an agreement with a private equity investor — Advent International — to be acquired in an all-cash transaction. Advent plans to purchase all outstanding shares of Maxar for $53 per share, representing a premium of about 129% over the company’s closing price of about $23.10 on Dec 15, 2022.
In February 2023, the company announced the expiration of the 60-day "go-shop" period pursuant to the merger terms with Advent. The company noted that it did not get any “competing acquisition proposals” during the "go-shop" period. Maxar noted that the transaction, subject to the regulatory and customary closing conditions and approval by Maxar stockholders, remains on track to close in mid-2023.
Maxar Technologies Inc. Price, Consensus and EPS Surprise
Revenues from Earth Intelligence declined 1% to $1078 million. The segment’s adjusted EBITDA was down to $445 million from $492 million in 2021.
Revenues from Space Infrastructure declined to $626 million from $740 million reported in 2021. The segment’s adjusted EBITDA was a loss of $32 million against the adjusted EBITDA income of 46 million in 2021.
Total quarterly adjusted EBITDA was $286 million compared with $424 million in 2021.
As of Dec 31, 2022, the order backlog increased to $3,194 million from $1,893 million as of Dec 31, 2021. The increase in backlog was primarily caused by the rise in the Earth Intelligence segment.
The selling, general and administrative costs were $431 million compared with $369 million in 2021.
Cash Flow & Liquidity
For 2022, Maxar generated $325 million in cash from operating activities compared with $281 million in the prior year.
As of Dec 31, 2022, the company had $52 million in cash, cash equivalents and restricted cash compared with $47 million in the year that ended Dec 31, 2021. As of Dec 31, 2022, the company had long-term debt of $2,194 million compared with $2,086 million as of Dec 31, 2021.
The Zacks Consensus Estimate for Arista Networks’ 2023 earnings is pegged at $5.76 per share, which has risen 11% in the past 60 days. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in all the past four quarters, the average being 14.2%. Shares of ANET have improved 14.4% in the past year.
The Zacks Consensus Estimate for Perion’s 2023 earnings is pegged at $2.69 per share, which has risen 16% in the past 60 days. The long-term earnings growth rate is anticipated to be 25%.
Perion’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 31.7%. Shares of PERI have gained 62.5% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings is pegged at $1.31 per share, rising 111% in the past 60 days.
Pegasystems’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average surprise being 11.2%. Shares of PEGA have declined 39.5% in the past year.
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Maxar (MAXR) Incurs Loss in 2022, Revenues Decline Y/Y
Maxar Technologies Inc recently reported full-year 2022 results.
The company reported a net loss per share of $2.03 for 2022 against net income per share of 63 cents in 2021.
The company reported annual revenues of $1,605 million, down 9.3% from the previous year. Weakness in Earth Intelligence and Space Infrastructure segments affected the top-line performance.
In December 2022, Maxar announced that it had entered into an agreement with a private equity investor — Advent International — to be acquired in an all-cash transaction. Advent plans to purchase all outstanding shares of Maxar for $53 per share, representing a premium of about 129% over the company’s closing price of about $23.10 on Dec 15, 2022.
In February 2023, the company announced the expiration of the 60-day "go-shop" period pursuant to the merger terms with Advent. The company noted that it did not get any “competing acquisition proposals” during the "go-shop" period. Maxar noted that the transaction, subject to the regulatory and customary closing conditions and approval by Maxar stockholders, remains on track to close in mid-2023.
Maxar Technologies Inc. Price, Consensus and EPS Surprise
Maxar Technologies Inc. price-consensus-eps-surprise-chart | Maxar Technologies Inc. Quote
Financial Details
Revenues from Earth Intelligence declined 1% to $1078 million. The segment’s adjusted EBITDA was down to $445 million from $492 million in 2021.
Revenues from Space Infrastructure declined to $626 million from $740 million reported in 2021. The segment’s adjusted EBITDA was a loss of $32 million against the adjusted EBITDA income of 46 million in 2021.
Total quarterly adjusted EBITDA was $286 million compared with $424 million in 2021.
As of Dec 31, 2022, the order backlog increased to $3,194 million from $1,893 million as of Dec 31, 2021. The increase in backlog was primarily caused by the rise in the Earth Intelligence segment.
The selling, general and administrative costs were $431 million compared with $369 million in 2021.
Cash Flow & Liquidity
For 2022, Maxar generated $325 million in cash from operating activities compared with $281 million in the prior year.
As of Dec 31, 2022, the company had $52 million in cash, cash equivalents and restricted cash compared with $47 million in the year that ended Dec 31, 2021. As of Dec 31, 2022, the company had long-term debt of $2,194 million compared with $2,086 million as of Dec 31, 2021.
Zacks Rank & Stocks to Consider
Maxar currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Arista Networks (ANET - Free Report) , Perion Network (PERI - Free Report) and Pegasystems (PEGA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), presently. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arista Networks’ 2023 earnings is pegged at $5.76 per share, which has risen 11% in the past 60 days. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in all the past four quarters, the average being 14.2%. Shares of ANET have improved 14.4% in the past year.
The Zacks Consensus Estimate for Perion’s 2023 earnings is pegged at $2.69 per share, which has risen 16% in the past 60 days. The long-term earnings growth rate is anticipated to be 25%.
Perion’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 31.7%. Shares of PERI have gained 62.5% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings is pegged at $1.31 per share, rising 111% in the past 60 days.
Pegasystems’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average surprise being 11.2%. Shares of PEGA have declined 39.5% in the past year.