Earnings Highlights and Review: ViaSat’s Quarterly Sales Jumped 12%; Net Income Surged 49%

Research Desk Line-up: Ciena Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 12, 2017 / Pro-Trader Daily publishes post-earnings coverage on ViaSat, Inc. (NASDAQ: VSAT) following the Company’s disclosure of its fourth quarter and fiscal 2017 earnings results on May 23, 2017. The provider of satellite and wireless networking technology outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Communication Equipment industry. Pro-TD has currently selected Ciena Corporation (NYSE: CIEN) for due-diligence and potential coverage as the Company announced on June 01, 2017, its unaudited financial results for Q2 2017 which ended on April 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Ciena when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VSAT; also brushing on CIEN. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the quarter ended March 31, 2017, ViaSat reported net sales of $416.4 million, up 12% compared to net sales of $372 million in Q4 FY16. The Company’s net sales numbers came in ahead of analysts’ consensus estimates of $399 million. ViaSat’s net sales increased 10% to $1.56 billion in FY17 compared to $1.442 billion in FY16.

For Q4 FY17, ViaSat’s adjusted EBITDA grew 3.5% to $83.5 million, up from $80.7 million in Q4 FY16.

During Q4 FY17, ViaSat’s net income surged 49% to $6.7 million compared to $4.5 million in Q4 FY16. On a diluted share basis the Company’s earnings increased 22.2% to $0.11 per share compared to $0.09 per share in the year ago same quarter. The Company’s earnings, adjusted for one-time gains and costs, came in at $0.32 per share, ahead of Wall Street’s expectations of $0.25 per share. ViaSat’s net income totaled $23.8 million, or $0.45 per diluted share, in FY17, up from $21.7 million, or $0.44 per diluted share, in FY16.

Segment Results

ViaSat’s Satellite Services segment reported 11% increase in revenue to a new record high of $160.9 million, driven primarily by its diverse broadband service offerings. The segment’s operating profit grew significantly, rising 49% to $32.8 million and adjusted EBITDA increased 18% to $75.0 million.

ViaSat’s Satellite Services segment’s Average Revenue per User (ARPU) totaled $66.02, up 13% on a y-o-y basis, driven by continued interest in premium, higher bandwidth broadband internet plans, plus growth in value-added services. This increase more than offset the effects of the slight decrease in the number of residential subscribers, which totaled approximately 659,000 subscribers at the close of FY17. The Company stated that its in-flight connectivity business grew strongly with in-flight internet services now deployed on 559 commercial aircraft as of March 31, 2017, which was approximately 85 more aircraft than the end of FY16.

ViaSat’s in-flight internet services business continued to expand globally, with the Company having more than 830 commercial aircraft in install backlog at the end of FY17. On March 03, 2017, ViaSat and Eutelsat Communications closed their European broadband strategic partnering arrangement, with ViaSat acquiring a 49% interest in Eutelsat’s wholesale services business for $139.5 million. A second entity, which is 51% owned by ViaSat, will focus on providing retail broadband internet services in the European region.

In Q4 FY17, ViaSat’s Commercial Networks segment’s quarterly revenues were down 5% on a y-o-y basis to $59.1 million. The segment’s operating losses widened 29.9% to $52.5 million in the reported quarter, while adjusted EBITDA was also lower at negative $36.5 million compared to negative adjusted EBITDA of $26.6 million in the year ago corresponding quarter.

In Q4 FY17, ViaSat’s Government Systems segment’s revenues surged 20% to a record $196.5 million, and adjusted EBITDA grew 3% to $45.0 million compared to the prior year’s same period, while operating profit declined by $3.1 million.

At the end of Q4 FY17, ViaSat reported record year-to-date segment contract awards of $850.7 million, reflecting a 1.2 to 1 book-to-bill ratio, supported strong segment backlog of $633.3 million, and a 30% increase over the same period last year.

Cash Matters

As on March 31, 2017, ViaSat had cash and cash equivalents of $130.1 million compared with $42.1 million as on March 31, 2016.

Stock Performance

On Friday, June 09, 2017, the stock closed the trading session at $72.06, marginally down 0.47% from its previous closing price of $72.40. A total volume of 651.19 thousand shares have exchanged hands, which was higher than the 3-month average volume of 407.47 thousand shares. ViaSat’s stock price advanced 10.40% in the last one month, 9.86% in the past three months, and 1.62% in the previous six months. Moreover, the stock gained 8.82% since the start of the year. The stock is trading at a PE ratio of 161.21. At Friday’s closing price, the stock’s net capitalization stands at $4.12 billion.

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