MDA reports Q1 profit, revenue up 4% from year ago

MDA Ltd. reported net income of $8.4 million in its first quarter compared with a net loss of $1.6 million in the same quarter last year as its revenue edged up four per cent.

The space technology firm says its profit amounted to seven cents per diluted share for the quarter ended March 31 compared with a loss of two cents per diluted share a year earlier.

Revenue totalled $128.4 million, up from $123.4 million in the first three months of 2021.

The company says revenue at its robotics and space operations business rose to $42.4 million compared with $34.3 million a year ago, while its geointelligence business reported $48.9 million in revenue, down from $49.0 million last year.

Revenue at MDA’s satellite systems business fell to $37.1 million compared with $40.1 million a year earlier.

MDA’s backlog at March 31 stood at $1.52 billion, up from $684.7 million at the end of March last year and $864.3 million at Dec. 31, 2021.