** Shares in Eutelsat ETL.PA jump 11% after the French satellite operator reported H1 earnings beat and guided for lower FY capex

** Eutelsat has cancelled a satellite order from Thales Alenia Space, saving more than 100 million euros in capital spending

** The lower capex guidance is positive news, an analyst at Kepler Cheuvreux says, but adds the stock is very volatile

** Eutelsat's H1 total revenues reach EUR 591.6 mln ($701.46 million) while adjusted EBITDA is at EUR 308.2 mln, both beating analyst expectations of EUR 581 mln and EUR 303 mln respectively

** Nevertheless, both J.P. Morgan and Stifel flag the beat is due to a one-off Geostationary Earth Orbit $(GEO)$ impact within Fixed Connectivity

($1 = 0.8434 euros)

(Reporting by Alessandro Parodi)

((Alessandro.Parodi@thomsonreuters.com;))