Shares of MDA Space fall after posting Q1 profit down from year ago

BRAMPTON, Ont. — Space technology firm MDA Ltd. says it earned $13.8 million in net income in its first quarter, down from $16.1 million a year earlier, as its revenue edged higher.

The company, which has rebranded as MDA Space, says its profit amounted to 11 cents per diluted share for the quarter ended March 31, down from a profit of 13 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $209.1 million, up from $201.9 million in the first quarter of 2023.

The company says its robotics and space operations business had $70.6 million in revenue, up from $62.9 million a year ago, while its satellite systems business had $87.0 million, down from $87.7 million. Geointelligence revenue totalled $51.5 million, up from $51.3 million.

On an adjusted basis, MDA Space says it earned 15 cents per diluted share in its latest quarter, down from 22 cents per diluted share a year earlier.

MDA Space shares were down $1.17 or about eight per cent at $13.72 in mid-morning trading on the Toronto Stock Exchange on Thursday.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:MDA)

The Canadian Press