ViaSat reports record new contracts and revenues
Emerging satellite broadband provider ViaSat says its overall business, which comprises satellite and other wireless communications and networking systems for several markets, achieved record results over the three quarters to the beginning of January.
The Carlsbad, California-based company supplies equipment and services for the ARINC SKYLink/Rockwell Collins eXchange Ku-band broadband offering for business aviation. In the first three quarters of its current financial year it logged net new contract awards of $604.5 million and revenues of $462.6 million, both records.
“Overall, we’re very pleased with our situation given the macroeconomic environment,” chief executive Mark Dankberg said yesterday. “Our earnings and cash generation have been consistent with our plans. Exceptionally strong year-to-date contract awards, combined with more cautious spending and careful contract backlog management, lead us to expect continued revenue and earnings growth this year and next.”
The company’s commercial networks segment increased sales of mobile satellite systems in the quarter to the beginning of January, and new contract awards of $101.5 million in the same period. The satellite services segment contributed revenues of $2.4 million in the quarter, a 38 increase on the same period in the previous year, and logged new contract awards of $1.7 million.
The quarter saw SKYLink/eXchange pass 100,000 flight hours, mainly in Gulfstream business jets, and the extension of ViaSat’s mobile satellite network to Alaska, the west coasts of Canada and the United States, Hawaii and parts of Asia.