The Speedcast International Ltd (ASX: SDA) share price fell 5.8% to $2.76 today and is now down 8% since the satellite communications business warned investors on Chistmas Eve that FY 2019 was not tracking to forecast.
Speedcast reports on a calendar year basis and now expects full year EBITDA to come in between US$130 million to US$135 million, compared to prior guidance for EBITDA between US$130 million to US$135 million. The smallish downgrade to forecasts was blamed on a "Carnival renewal' contract taking longer than expected to finalise, with other new projects taking slower than expected to implement and its energy division below expectations.
The group has a market value around $706 million and posted an adjusted net profit of US$21 million for the six months ending June 30 2018 on revenue of US$304.9 million. It's due to hand in its full year results this February.
