Globalstar Inc. Reveals 81% Retreat In Q3 Bottom Line

(RTTNews) - Globalstar Inc. (GSAT) reported a profit for third quarter that retreated compared to the same period last year.

The company said its profit dropped to $24.10 million, or $0.02 per share. This was down from $129.39 million, or $0.11 per share, in last year's third quarter.

Analysts had expected the company to earn -$0.03 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 1.0% to $23.68 million. This was up from $23.44 million last year.

Globalstar Inc. earnings at a glance:

-Earnings (Q3): $24.10 Mln. vs. $129.39 Mln. last year. -Earnings Decline (Y-o-Y): -81.4% -EPS (Q3): $0.02 vs. $0.11 last year. -EPS Decline (Y-o-Y): -81.8% -Analysts Estimate: -$0.03 -Revenue (Q3): $23.68 Mln vs. $23.44 Mln last year. -Revenue Change (Y-o-Y): 1.0%