Global Eagle Entertainment (NASDAQ:ENT) has jumped 39.3% after an earnings report where underlying earnings topped high-end Street estimates and revenues beat expectations.
It's also named Christian Mezger its new chief financial officer. He was most recently CEO at Ciber and had previously worked at Hewlett Packard; he succeeds Paul Rainey, who's staying to aid the transition through May 31.
The company's considering divesting various businesses and assets, including potentially selling elements of its Maritime, Enterprise and Government business unit. It's retained Barclays Capital as adviser and may sell out of joint ventures as well.
Revenue grew 6.5% to $167M, with increases both in Media & Content and in Connectivity.
Gross margin was up to 19.5%, and it trimmed net loss to $37.6M amid some cost savings.
EBITDA rose 7% to $18.5M.
Liquidity was $50.7M; first-quarter capex was about $4.2M.
Previously: Global Eagle Entertainment misses by $0.02, beats on revenue (May. 14 2019)
Subscribe for full text news in your inbox