GeoEye Sees Overall Revenues Stall in Third Quarter; Lowers Mid-Year Guidance
By Jeffrey Hill | November 2, 2011
[Satellite TODAY 11-02-11] Earth imagery solutions provider GeoEye generated revenues of $85.8 million in the third quarter of 2011, which was 7.7 percent below its consensus estimates and caused management to lower its full-year guidance, according to the company’s latest financial results issued Nov. 1.
GeoEye’s imagery revenues declined 4.8 percent from the same period last year to $63.5 million, but improved 3.1 percent from second quarter 2011. The company’s production revenues increased 18.4 percent to $16.2 million, but were down approximately 40 percent on an organic basis. GeoEye’s U.S.-based revenues increased 1.9 percent to $63.7 million from the third quarter of last year, but saw International revenues decline 7.8 percent to $22.1 million in the same timeframe.
GeoEye management lowered its mid-year revenue guidance for 2011 by 5.6 percent from $370 million to between $348 million and $355 million. GeoEye also confirmed it received two production orders last week valued at $25 million. The new orders should improve the company’s near-term production visibility, GeoEye said.