Virgin Galactic (SPCE) reported its fourth-quarter earnings, missing expectations on both the top and bottom line, with $2.81 billion in revenue against an expected $2.98 billion. The space tourism company posted slightly narrower-than-expected losses, sharing losses of $0.26 per share versus an expected $0.29. Shares of the company began to fall Wednesday morning after the report was posted.
Michael Leshock, Assistant Vice President of Equity Research at KeyBanc Capital Markets, joins Yahoo Finance to discuss Virgin Galactic's position for space tourism and why he feels bullish on the company despite the disappointing results.
In terms of how the company is positioned for space tourism going forward, Leshock says: "Right now, you can look at their backlog and they have ample demand really for the foreseeable future. The market could be significantly bigger than what we have today, but again, there are a lot of unknowns around that and I think it's just important to focus on the supply-demand imbalance here because there's not a lot of people, if any, companies that are doing what Virgin Galactic can do and there are quite a few people in their backlog and more that want to buy tickets and ticket sales have yet to reopen. So that's an important watchpoint."
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