Virgin Galactic reports Q1 EPS (81c), two estimates (94c)

Reports Q1 revenue $227K, consensus $240K. CEO Michael Colglazier said, “We’ve delivered the first of our new SpaceShips from our Assembly hangar to our Test-and-Launch hangar, ground testing of that SpaceShip is underway, and we remain on track to commence flight testing in Q3 and spaceflight in Q4 of this year. Spending continues to decline quarter by quarter, debt retirements are being made on or ahead of schedule, and cash balances are being maintained at appropriate levels as we work through the final quarters of our pre-revenue phase and prepare for the launch of commercial spaceflight operations.”