01:55 PM EDT, 03/28/2024 (MT Newswires) -- Telesat ( TSAT ) , a global satellite operator, on Thursday reported fourth-quarter net income of $39.3 million, or $0.74 per diluted share, down from $90.9 million, or $1.73 per diluted share, a year earlier.

A sole analyst polled by Capital IQ expected a loss of $0.70.

Revenue for the quarter ended Dec. 31, 2023, was $165.9 million, down from $206.7 million a year earlier.

A sole analyst surveyed by Capital IQ expected $165.9 million.

For 2024, the company is expecting revenue of $545 million to $565 million. A sole analyst surveyed by Capital IQ expected $659.8 million.

Adjusted EBITDA for Q4 is expected to range between $340 million and $360 million, which reflects Telesat Lightspeed operating expenses of between $80 million and $90 million; and cash flows used in investing activities are expected to be in the range of $1 billion to $1.4 billion, which is nearly all related to expected Telesat Lightspeed capital expenditures.

The company's shares fell 2.4% on last look on Thursday.

Price: 11.95, Change: -0.29, Percent Change: -2.37