Eutelsat reports better-than-expected full year earnings
Eutelsat gained the spotlight this year as European governments sought home-grown solutions for satellite services, aiming to reduce their reliance on U.S. providers.
Revenues from video, connectivity and government services reached 1.24 billion euros ($1.43 billion) in the year ended June 30, up 0.8 per cent from a year earlier.
Financial analysts had expected those revenues to total 1.21 billion euros, according to a consensus poll provided by Eutelsat.
The Paris-based group hopes to offset declining income from its video business by gaining a foothold in the satellite internet market, where SpaceX's Starlink dominates.
Eutelsat said revenues from its low Earth orbit (LEO) satellites rose 84.1 per cent yearly to 187 million euros.
Higher revenues for government services reflected services delivered in Ukraine and increased demand from other non-U.S. governments, the company said.
Eutelsat expects LEO revenues to grow by 50 per cent next year, saying it will compensate, but not yet outweigh the decline in its legacy business, which are impacted by additional Russian sanctions.
($1 = 0.8643 euros)
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