Intelsat reported that its future contracted backlog had fallen from $9.2 billion (€8.4bn) $8.9 billion over the past 3 months. This means that since December 31st last year, Intelsat’s backlog has fallen from $9.4 billion to today’s $8.9 billion, which still represents 4-times annual revenues.
Revenues for the quarter-year were also under pressure at $542 million (compared with $580 million for the same period last year). The satellite operator’s Q3 net income grew (y-o-y) to $196 million in Q3 from $79 million a year ago.
“Our Q3 financial results, $543 million in revenue and $405 million in Adjusted EBITDA, demonstrate stability in revenues and are on track with our guidance for 2016,” said Stephen Spengler, CEO. “Our objective for this year is to build a solid foundation that will support Intelsat’s strategy to deploy space-based solutions that unlock new and faster growing opportunities. We are delivering on this plan. During the third quarter, we successfully launched two satellites, bringing the total number of satellites launched to four in 2016. Intelsat 36 is now in service and Intelsat 33e is scheduled to enter into service in the first quarter of 2017.”