New contracts return ViaSat to profit in 4Q

ViaSat's new contracts, satellite broadband gains return company to profit in fiscal 4Q

Associated Press

CARLSBAD, Calif. (AP) -- ViaSat Inc., which provides satellite and wireless networking technology, returned to a profit in its fiscal fourth quarter after a boost from new contracts.

The Carlsbad, Calif., company said late Thursday that it earned $1.9 million, or 4 cents per share, for the quarter that ended March 29. That's compared with a loss of $7.4 million, or 17 cents per share, in the same quarter last year. It earned 19 cents per share when excluding one-time items, versus a loss of a penny per share last year.

ViaSat's revenue increased 28 percent to $308.7 million, with a bump from new contract awards of $227.1 million during the quarter.

Analysts polled by FactSet were anticipating earnings of 2 cents per share on revenue of $286 million.

Sales grew in the company's satellites, commercial networking and government systems divisions, despite budget pressures in the government division, ViaSat said. A steady increase in satellite broadband subscribers and new contracts helped the company's performance.

Shares increased $1.04, or 1.7 percent, to $60.85 in after-hours trading. ViaSat's stock added 10 cents to close regular trading at $59.81 Thursday and has gained 54 percent in 2013.

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