- The stock price of Maxar Technologies Inc (NYSE: MAXR) fell from $39.27 to $29.06 (26% decrease) during intraday trading. This is why it happened.
The stock price of Maxar Technologies Inc (NYSE: MAXR) – a trusted partner and innovator in Earth Intelligence and Space Infrastructure – fell from $39.27 to $29.06 (26% decrease) during intraday trading. Investors are responding negatively to the company announcing financial results for the quarter ended March 31, 2021.
The key points from the quarter include:
— Net loss of $84 million, inclusive of a $28 million charge related to the SXM-7 satellite program and a $41 million loss on debt extinguishment from the early repayment of our 2023 Notes
— Diluted loss per share of $1.30
— Consolidated revenues of $392 million and Adjusted EBITDA1 of $67 million, both inclusive of the $28 million SXM-7 charge
— Completed the public offering of 10 million shares of common stock at a public offering price of $40 per share and used the proceeds to repay $350 million in principal borrowings on our 2023 Notes
— Total debt of $2.1 billion at March 31, 2021, compared to $2.4 billion at the end of 2020
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