Intelsat Reduces Net Loss in Q3 2019
Intelsat reported revenue of $506.7 million for the three months ended Sept. 30, or its Third Quarter (Q3) 2019, a decrease of 6 percent compared to same period in 2018. Additionally, the company reported a net loss attributable to Intelsat S.A. of $148.3 million, compared to a net loss of $373.6 million in Q3 2018. Additionally, Q3 2019’s net loss wasn’t as severe as Q2 2019’s net loss, which was reported at $509.4 million.
Network services revenue was $180.8 million (or 36 percent of Intelsat’s total revenue) for Q3 2019, a decrease of 9 percent compared to Q3 2018. The network services result includes $8.1 million in reduced revenue following the April 2019 loss of the Intelsat 29e satellite. Media revenue was $222.9 million (or 44 percent of Intelsat’s total revenue) for Q3 2019, a decrease of 4 percent compared to Q3 2018. The media result reflects an increase of $4.4 million in early termination fees. Government revenue was $95.7 million (or 19 percent of Intelsat’s total revenue) for Q3 2019, a decrease of 3 percent compared to Q3 2018.
Intelsat’s Chief Executive Officer, Stephen Spengler, said, “2019 is progressing to our expectations, expanding our managed services strategy to the benefit of our network services, media and government businesses. Our focus on the wireless sector continues to yield benefits, with new infrastructure service starts in the third quarter in Africa, Oceania and Latin America. Further, with Intelsat 39 entering service this month, we expanded the essential broadband infrastructure we provide to Myanmar under a long-term agreement, as well as increased and enhanced our mobility infrastructure throughout the Indian Ocean and Asia regions.