Luxembourg-based satellite-telecommunications company SES saw a significant increase in shares following the announcement of a new share-buyback program along with impressive profit and sales numbers for the second quarter.
Share Performance Soars
The company’s shares rose by 16% to EUR6.76 as of 0923 GMT, reflecting the positive response from investors.
Share-Buyback Program
SES plans to repurchase shares amounting to a total of up to 150 million euros ($164.1 million) through the share-buyback program, which will continue until June 30.
Q2 Financial Highlights
SES reported a net profit of EUR37 million for the second quarter, an improvement from EUR19 million during the same period last year. The company also experienced a 10% increase in revenue, reaching EUR497 million, along with reduced tax expenses improving its overall profitability.
However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased slightly from EUR271 million to EUR265 million.
Full-Year Outlook
SES remains confident in its full-year projections, anticipating revenue to fall between EUR1.95 billion and EUR2 billion, with adjusted EBITDA ranging from EUR1.01 billion to EUR1.05 billion.