PanAmSat Posts Jump in Earnings - TheStreet

PanAmSat Posts Jump in Earnings

The company also issues guidance that falls largely in line with analysts' projections.
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Satellite operator

PanAmSat

(SPOT) - Get Report

posted an increase in second-quarter earnings, and issued guidance that falls largely in line with analysts' projections.

PanAmSat earned $30.3 million, or 20 cents a share, up from $19.8 million, or 13 cents a share, a year ago. Analysts were looking for the company to earn 17 cents a share. Earnings before taxes, appreciation and amortization were $149.4 million, compared with $150.8 million a year ago.

Revenue was $203.6 million, compared with $209.2 million last year.

"The main difference in our revenues this year compared to 2002 is that we don't have the World Cup," said Joe Wright, chief executive of PanAmSat.

Looking to the third quarter, the company expects to earn $18 million to $24 million, or 12 cents to 16 cents a share, on $205 million to $215 million in sales. Analysts expect 15 cents a share on revenue of $214 million.

In 2003, PanAmSat expects to earn $81 million to $96 million, or 54 cents to 64 cents a share. Total sales are expected to be $800 million to $840 million. Currently, the analyst consensus is for 66 cents a share on sales of $822.15 million.

Shares of the Wilton, Conn.-based company were up 1.2% Tuesday morning at $18.74.