Stock Alert: Maxar Technologies Rises 17% On Increased Revenue

(RTTNews) - Shares of earth intelligence and space infrastructure company Maxar Technologies Inc. (MAXR) are rising more than 17% Thursday morning on revenue growth in the second quarter.

The stock hit a new high of $24.81 this morning.

During the second quarter, net income from continuing operations was $0 compared to net income of $139 million in the same period of 2019. The decrease is primarily driven by the receipt of satellite insurance proceeds in the second quarter of 2019 that did not reoccur in the same period of 2020.

Revenue for the quarter increased to $439 million from $412 million last year.

"Demand has remained resilient in the current environment as our customers continue to rely on us for important national security and commercial missions. Our results this quarter further reflect progress on our multi-year strategy to strengthen our company and position it for sustained revenue, profit and cash flow growth, " said Dan Jablonsky, CEO.