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MDA Ltd. increased after it 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 Brampton, Ont.-based 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.
Revenue for the company’s third quarter totaled $204.7-million, up 19 per cent from $172.0-million in the same quarter last year and above the consensus forecast of $195.2-million., 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.