Virgin Galactic (NYSE:SPCE) earnings for the spaceflight company’s fourth quarter of 2019 have SPCE stock falling after-hours Tuesday. That comes after reporting revenue of $529,000, which is a far cry from Wall Street’s estimate of $1 million. SPCE doesn’t include per-share results in the report, but analysts’ were expecting adjusted losses per share of -15 cents.
The following is what else is worth mentioning from the most recent Virgin Galactic earnings report.
- Revenue for the quarter is down 58.99% compared to $1.29 million during the same time last year.
- Operating loss of -$73.99 million is 60.85% wider year-over-year from -$46 million.
- The Virgin Galactic earnings report also includes a net loss of -$72.8 million.
- That’s 59.23% worse than the company’s net loss of -$45.72 million from the fourth quarter of 2018.
George Whitesides, Chief Executive Officer of Virgin Galactic, said this about the SPCE stock earnings report:
“Throughout 2019, we continued to achieve key milestones in our mission to open access to space in a safe, innovative and affordable way. During the fourth quarter, we took major steps toward reaching that goal by completing our transaction with Social Capital Hedosophia and becoming publicly listed on the NYSE, as well as building operational readiness at Spaceport America in New Mexico.”
The Virgin Galactic earnings report doesn’t include its 2020 guidance. Nevertheless, we know what Wall Street is estimating. That includes adjusted per-share losses of -23 cents on revenue of $133.05 million for the year.
SPCE stock was down more than 5% after markets closed Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.