Virgin Galactic Drops After Loss Widens

Virgin Galactic, the space travel and tourism company, reported a wider fourth-quarter loss and said it scheduled its next space flight for May.
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Virgin Galactic,  (SPCE) - Get Report the space travel and tourism company, reported a wider fourth-quarter loss and said it scheduled its next space flight for May.

The Las Cruces, N.M., company reported a net loss of $74 million, widened from $72.8 million in the year-earlier quarter.

On a per-share basis, the loss narrowed to 31 cents a share from 37 cents as its shares outstanding rose 22% to 236.7 million.

Virgin Galactic posted no revenue for the quarter.

Four analysts surveyed by FactSet were expecting a loss of 32 cents a share for the quarter.

At Dec. 31 the company had $666 million of cash and equivalents on hand.

The company said that it was "completing modifications and conducting technical checks" ahead of the next flight. 

It said that flight "would include revenue-generating payloads as part of the NASA Flight Opportunities Program."

Earlier on Thursday Virgin Galactic said it named Doug Ahrens chief financial officer, succeeding Jon Campagna, who the company said stepped down after guiding its transition from a private to public company.

"Doug’s deep experience helping global manufacturing companies scale and grow, combined with his tremendous capital markets and M&A expertise, will be incredibly valuable as we expand our production capabilities and work to monetize the business," Virgin Galactic Chief Executive Michael Colglazier said in a statement.

Ahrens has more than 25 years of operational and strategic finance experience, most recently serving as CFO of semiconductor company Mellanox before it was acquired by graphics-chip specialist Nvidia.  (NVDA) - Get Report

At last check Virgin Galactic shares were trading off 12% at $37.34. They'd closed the regular Thursday session down 8.4% at $42.24.