ViaSat posts 3Q loss on debt payoff
CARLSBAD, Calif. (AP) — Wireless communications provider ViaSat Inc. posted a third-quarter loss on Wednesday as it extinguished debt, but its adjusted results beat analysts' expectations.
The company lost $20.8 million, or 47 cents per share, for the quarter that ended Dec. 28. During the same period a year earlier it had net income of $5.1 million, or 12 cents per share.
The loss included a one-time charge of $26.5 million, or 36 cents per share, for extinguishing debt. Excluding that and other items, ViaSat said it would have earned 4 cents per share.
Analysts surveyed by FactSet expected a loss of 22 cents per share excluding items.
ViaSat's revenue rose almost 40 percent to $286.4 million, from $205 million a year earlier. Analysts had been expecting revenue of $265.4 million.
ViaSat said it had $265.7 million in new contract awards, up from $211.9 million a year ago. Its sales backlog rose to $939 million, from $575.3 million a year earlier.
Its largest segment, government systems, also turned in the company's strongest growth. Revenue in that unit rose almost 54 percent to $148.5 million, and its adjusted profit jumped 77 percent to $35.1 million, from $19.8 million a year earlier.
ViaSat shares rose 65 cents to close at $39.74 before the results were released.