Satellite group SES beats Q3 forecasts, confirms outlook

Satellite firm SES on Thursday reported a beat in its quarterly core profit, citing solid execution across its business and expected contribution from the acquisition of satellite communications business DRS GES.

One of the world’s biggest commercial satellite operators, the Luxembourg-based company posted third-quarter adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 284 million euros ($279 million) on revenues of 501 million euros.

Analysts on average had predicted quarterly adjusted EBITDA of 277 million euros and revenue of 494 million euros in a Vara Research poll provided by the company.

The group said it expected the acquisition of GES, which it bought this year from Italian defence group Leonardo LDOF.MI for $450 million, to contribute $85 million to $90 million to its government solutions business between Aug. 1 and the end of December.

It also confirmed its full-year guidance of 1.75 billion to 1.81 billion euros in revenue and 1.03 billion to 1.07 billion euros in adjusted EBITDA, pointing to 2.7% growth in its networks business and important renewals secured in video year-to-date.

“Our year-to-date performance reflects solid ongoing execution across the business and we remain fully on track to deliver on our 2022 outlook,” Chief Executive Steve Collar said in a statement.​​ Reuters