PARIS (Agefi-Dow Jones)–Satellite operator SES on Thursday confirmed its financial targets for 2022, after third-quarter results supported by its Networks division.
For the current financial year, the satellite operator still forecasts a turnover of between 1.75 billion and 1.81 billion euros. SES also anticipates an adjusted gross operating surplus (Ebitda) of between 1.03 billion and 1.07 billion euros. In 2021, SES’s revenue was €1.78 billion and adjusted Ebitda was €1.09 billion.
In the third quarter, SES revenue reached €501.1 million, down 2% at constant currencies. Adjusted EBITDA stood at 284 million euros, showing a margin rate on adjusted EBITDA of 57%, compared to 63% a year earlier.
Analysts polled by FactSet were expecting an average turnover of 493.5 million euros, down 2.1% at constant exchange rates, and an adjusted Ebitda of 277 million euros.
SES Video division sales fell 6.5% at constant exchange rates to €252 million. Revenues from the SES Networks division rose 3.9% to 249 million euros.
In the first nine months of 2022, SES’s revenue increased by 6.1% year on year as reported, but fell by 2.1% at constant currencies, to 1.4 billion euros. euros.
Sales of the SES Video division, which accounted for 54.5% of group revenue, fell 5.6% at constant exchange rates over nine months, to 763 million euros. On the other hand, revenues from SES Networks increased over the period by 2.7% at constant exchange rates, to 636 million euros.
“Our performance in the first nine months of the year reflects the continued strong level of execution across all our businesses and allows us to maintain our 2022 guidance. We are also on track to capture significant value from C-band in the US. States, and to place SES on a path of long-term profitable growth through the deployment of unrivaled multi-orbit satellite capabilities,” SES Chief Executive Steve Collar said in a statement.
Over the nine-month period ended September, SES’s adjusted EBITDA increased by 0.7% to €829 million, resulting in an adjusted EBITDA margin rate of 50.9%, compared to 60. 6% as of June 30, 2022. In 2021, this margin rate was 62.4%.
-Pierre-Jean Lepagnot, Agefi-Dow Jones +33 (0)1 41 27 48 19; [email protected] ed: VLV
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November 03, 2022 02:41 ET (06:41 GMT)