Globalstar Inc. Q2 Profit Declines 93%

(RTTNews) - Globalstar Inc. (GSAT) announced earnings for second quarter that retreated from last year.

The company said its profit dropped to $15.0 million, or $0.01 per share. This was down from $204.77 million, or $0.17 per share, in last year's second quarter.

Analysts had expected the company to earn -$0.02 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 9.0% to $25.09 million. This was up from $23.02 million last year.

Globalstar Inc. earnings at a glance:

-Earnings (Q2): $15.0 Mln. vs. $204.77 Mln. last year. -Earnings Decline (Y-o-Y): -92.7% -EPS (Q2): $0.01 vs. $0.17 last year. -EPS Decline (Y-o-Y): -94.1% -Analysts Estimate: -$0.02 -Revenue (Q2): $25.09 Mln vs. $23.02 Mln last year. -Revenue Change (Y-o-Y): 9.0%