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Inmarsat's revenues tick higher in Q3 on strong aviation growth

Satellite firm Inmarsat reported Thursday a modest increase in third-quarter revenues as strong growth from its aviation division was overshadowed by a sharp rise in investment costs.

For the three months through 30 September, revenue rose 3.7% to $369.3m and earnings (EBITDA) rose 6.8% to $206.5m.

Revenue growth was led by strong performance in the company's aviation division which saw revenue jump 34% to $68.2m for the quarter.

Performance was held back, somewhat, by a 55% jump in cash capex during the quarter, mainly reflecting investments in the GX5 and I-6 satellites.

Revenue and earnings (EBITDA) for the full-year were expected to be at least in line with current market consensus of $1,325m and $610m, respectively, the company said

'Inmarsat remains at the forefront of our chosen markets, leveraging the strength of our established market position, continuing to deliver an exciting technology roadmap and taking a highly disciplined approach to costs and capital expenditure,' said Rupert Pearce, Chief Executive Officer.

'As a result, the Group remains well placed to continue delivering medium-term growth in revenue, EBITDA, and free cash flow.'

At 8:09am: (LON:ISAT) Inmarsat PLC share price was -34.35p at 426.05p

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