MDA reports revenue up nearly 20% from year ago
The Canadian PressGeneral Aerospace
Space technology company sees $9.3M in Q3 profit, down from $17.9M a year earlier.
BRAMPTON, Ont. _ MDA Ltd. reported net income of $9.3 million in its latest quarter, down from $17.9 million a year earlier, as its revenue rose nearly 20 per cent.
The space technology firm says the profit amounted to eight cents per diluted share for the quarter ended Sept. 30, down from 15 cents per diluted share a year earlier.
For the company, the quarter was highlighted by the announcement that MDA was named the prime contractor for Telesat’s Low Earth Orbit (LEO) satellite constellation, Telesat Lightspeed.
Valued at approximately $2.1 billion, the contract is the largest in MDA’s history and includes the design, manufacture, assembly and test of 198 satellites with options for Telesat to purchase up to 100 additional satellites.
Revenue for the company’s third quarter totalled $204.7 million, up from $172.0 million in the same quarter last year, helped by strength in its satellite systems and robotics and space operations businesses.
In its outlook, MDA says it now expects revenue for 2023 to come in between $790 million and $810 million, compared with its earlier guidance for between $785 million and $810 million.
It also raised its 2023 guidance for adjusted earnings before interest, taxes, depreciation and amortization to between $165 million and $170 million, compared with $155 million to $165 million.
MDA said it expects its 2023 capital expenditures to range between $200 million and $210 million compared with its earlier forecast for between $200 million and $220 million.