SES’s first-quarter results beat expectations as it progresses on projects

Satellite firm SES on Thursday reported first-quarter earnings above market expectations, and said it is on track to deliver on its full-year outlook.

It also confirmed its schedule for both the O3b mPOWER and U.S. C-band projects.

One of the world’s biggest commercial satellite operators, the Luxembourg-based company said first-quarter adjusted core earnings (EBITDA) fell 3.2% year-on-year to 265 million euros ($293.57 million), but that still above 255 million euros seen in a company-compiled consensus.

“Solid EBITDA performance underscores our continued focus on execution across the business,” Chief Executive Steve Collar said in the earnings statement.

SES’ quarterly revenue grew 9.6% to 490 million euros, slightly above the 484 million euros expected by analysts, driven by contribution from its DRS GES acquisition.

SES confirmed it is on track to receive $3 billion (pre-tax) payments towards the end of the year for the completion of C-band clearing for 5G in the U.S. Reuters