07:45 AM EDT, 05/09/2024 (MT Newswires) -- MDA Space (MDA.TO), a mission partner to the space industry, on Thursday reported first-quarter adjusted earnings of $18.1 million, or $0.15 per diluted share, down 31.7% from $26.5 million, or $0.22 per diluted share, a year earlier.

Four out of five analysts polled by Capital IQ expected $0.15.

Revenue for the quarter ended March 31 was $209.1 million, up 3.6% from $201.9 million a year earlier. Analysts surveyed by Capital IQ expected $212.3 million.

Adjusted EBITDA for Q1 was $42 million, down from $48.9 million a year ago.

For the second quarter, the company is expecting revenue of $215 million to $225 million as it continues to execute on its backlog. Analysts polled by Capital IQ are expecting $232.1 million.

For fiscal 2024, MDA reaffirmed the outlook previously provided in its fourth-quarter 2023 earnings release and continues to expect full-year revenue of $950 million to $1.05 billion, representing growth of about 25% at the mid-point of guidance as compared with 2023 levels.

Analysts surveyed by Capital IQ are expecting $1.01 billion.

MDA expects revenue growth to accelerate in the second half of 2024 as it ramps up work volumes on several programs. Adjusted EBITDA for 2024 is expected to be $190 million to $210 million, representing about 19% to 20% adjusted EBITDA margin.

The company continues to expect capital expenditures of $210 million to $230 million in 2024, comprising mainly of growth investments to support CHORUS and the previously outlined growth initiatives across its three business areas.