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May 5, 2020, 4:22 p.m. EDT

Virgin Galactic stock gains after Q1, new NASA deal

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    Virgin Galactic Holdings Inc. (SPCE)

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By Claudia Assis

SPCE

Virgin Galactic Holdings Inc. /zigman2/quotes/208333884/composite SPCE +3.20% shares rose more than 3% in the extended session Tuesday after the rocket company reported a wider-than-expected quarterly loss and sales missed Wall Street expectations, but investors cheered a new agreement with the National Aeronautics and Space Administration. Virgin said it lost $60 million, or 30 cents a share, in the first quarter, compared with a loss of $42.5 million, or 22 cents a share, in the first quarter of 2019. Revenue fell to $238,000 from $1.78 million a year ago. Analysts polled by FactSet had expected Virgin to report a loss of 15 cents a share on sales of $700,000. Virgin said it had a "strong" cash position, with cash and cash equivalents of $419 million as of March 31. Virgin said the "full impact" of the coronavirus pandemic "will depend on future developments, such as the ultimate duration and scope of the outbreak, the timing and impact of future stay-at-home orders and other government mandates, and the pace at which the company can resume normal course operations." Virgin Galactic said it will provide updates "as appropriate" but offered no outlook on Tuesday. In a separate press release, Virgin said it and a subsidiary had entered an agreement with NASA to develop technologies for high speeds with an eye for civilian applications. Shares of Virgin Galactic ended the regular trading day down 0.4%.

/zigman2/quotes/208333884/composite
US : U.S.: NYSE
$ 16.43
+0.51 +3.20%
Volume: 5.43M
Sept. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.84 billion
Rev. per Employee
N/A
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