• Mon. Jan 30th, 2023

Why Globalstar’s Stock Is Tumbling During Thursday’s After-Hours Session – Globalstar (AMEX:GSAT)

ByHenry Khederian

Nov 3, 2022
Why Globalstar's Stock Is Tumbling During Thursday's After-Hours Session - Globalstar (AMEX:GSAT)

Globalstar, Inc. GSAT shares are trading lower by 8.39% to $2.02 during Thursday’s after-hours session. The company reported worse-than-expected third-quarter EPS and filed for a mixed-shelf offering of an undisclosed size.

What Happened?

Globalstar reported quarterly losses of 11 cents per share which missed the analyst consensus estimate of a loss of 1 cent. The company also reported quarterly sales of $37.63 million, which beat the analyst consensus estimate of $32.83 million by 15%. This sales figure represents a 15% increase over sales of $32.61 million in the same period last year.

The company recently provided financial guidance for the full-year 2023, excluding revenue from terrestrial spectrum opportunities.

Globalstar reiterated this guidance today, with anticipated results included below. The company expects to update this guidance on an annual basis or more frequently if determined necessary.

  • Total revenue in 2023 between $185 million and $230 million
  • Adjusted EBITDA margin of approximately 55%, up from 36% during the nine months ended September 30, 2022

See Also: Why Boeing Stock Is Seeing Blue Skies

The company will hold an Investor Day on Wednesday, November 16, 2022, at 9:00 a.m. ET.

According to data from Benzinga Pro, Globalstar has a 52-week high of $2.98 and a 52-week low of $0.90.

Image and article originally from www.benzinga.com. Read the original article here.