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UPDATE 1-Inmarsat's new services boost Q3 revenue
November 5, 2012 / 7:36 AM / 5 years ago

UPDATE 1-Inmarsat's new services boost Q3 revenue

LONDON, Nov 5 (Reuters) - Satellite company Inmarsat posted a 5 percent rise in third-quarter revenue, excluding its LightSquared partnership, helped by take-up of its broadband services by shipping customers globally.

The company, which provides communications to shipping, aircraft and remote land locations, said it added 2,128 FleetBroadband terminals in the quarter, taking its installed base to 32,000.

Inmarsat said it continued to be impacted by troop withdrawals from Afghanistan, but it was seeing positive signs of underlying data growth in its land business.

The company posted earnings before interest, tax depreciation and amortisation, excluding LightSquared, an ill-fated venture to create a new U.S. mobile network using some of Inmarsat’s spectrum, of $161 million, down from $172 million a year ago. Revenue on the same basis was $322 million.

Analysts were expecting Inmarsat to report group revenue of $320.2 million and core earnings of $163.4 million, according to a Thomson Reuters I/B/E/S poll.

Inmarsat said the third-quarter result positioned it well to meet revenue targets for this year and next.

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