April 26 (Reuters) - Luxembourg’s SES on Friday beat first-quarter core profit forecasts as strong growth in the satellite company’s networks division offset weakness in video.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 8.7 percent to 304.4 million euros on a like-for-like basis, but that topped the 287.8 million euros expected by analysts in a consensus compiled for the company.
“I am particularly pleased to see the underlying growth that we anticipated in our SES Networks business coming through, fuelled by strong performance in our aeronautical Mobility and Government business segments,” Chief Executive Steve Collar said in a statement.
Underlying revenue in the networks division rose 8.5 percent to 153 million euros at constant exchange rates helped in part by the SES-15 satellite entering into service.
Underlying revenue in the company’s core video business fell 3.6 percent at constant exchange rates, a smaller-than-expected fall helped by stability in the revenue of media service MX1 with new business in Europe offsetting non-renewals.
The company, which sees an “encouraging commercial pipeline” for its SES-9 and SES-10 satellites, said its financial outlook remained unchanged.
Reporting by Nolwenn Brossier in Gdynia; editing by Jason Neely