Speedcast has issued an earnings warning this afternoon, saying full year underlying EBITDA will be between $US$130 million and $US135 million which is "slightly below current consensus". Speedcast previously advised full year underlying EBITDA would be between $US135 million and $US145 million. Shares are at a three and a half year low of $2.90 today compared to a closing price of $3.03 on Friday.

"The change is primarily due to the [cruise operators] Carnival renewal taking longer than expected, slower implementation of new project wins in EEM, and Energy performing slightly below expectations." About 38 per cent of revenue for the enterprise and emerging markets (EEM) division is cellular backhaul for telcos. It also includes utilities, mining, broadcast and media services.

"As we are finishing a difficult year, during which energy and cruise in particular have impacted our performance, we are really pleased with the Carnival contract renewal, which will generate strong growth over the next three years," chief executive PJ Beylier said.