DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial high-resolution earth observation and advanced geospatial solutions, today reported financial results for the quarter ended March 31, 2015.
First Quarter Financial Summary:
– Grew revenue 8.2% to $169.4 million.
– Net loss less preferred stock dividends was $(0.08) per diluted share.
– Grew U.S. Government revenue 17.6% to $114.8 million.
– Diversified Commercial revenue decreased (7.3)% to $54.6 million, with approximately 2 percentage points of impact attributable to continued challenges in Russia.
– Adjusted EBITDA was $73.1 million, yielding a margin of 43.2%.
– Cash flow from operations was $56.9 million, up 42.6% .
– Free cash flow was $25.6 million, yielding a free cash flow margin of 15.1%.
Recent Operational Highlights:
– Gary W. Ferrera began his role as the company’s Executive Vice President and Chief Financial Officer on March 2, 2015.
– The company repurchased 1,009,700 shares of its common stock for $31.1 million at an average price of $30.79.
“First quarter revenue was in line with our expectations, with strong growth in our U.S. Government business offset by an expected decline in our Diversified Commercial business,” said Jeffrey R. Tarr, CEO of DigitalGlobe. “We expect our Diversified Commercial growth to improve in the second half as we monetize WorldView-3 and generate results from a number of new products and initiatives. We were also pleased with the strength of our free cash flow, which was up nearly $48 million year-over-year, enabling us to repurchase $31 million of stock in the quarter.”
