Stock Monitor: Optical Cable Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 25, 2018 / If you want access to our free earnings report on Viasat, Inc. (NASDAQ: VSAT), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=VSAT. The Company reported its financial results on May 24, 2018, for the fourth quarter and full fiscal year 2018, ended March 31, 2018. The Company surpassed analysts' estimates for earnings and revenues in Q4 FY18.
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, Viasat's total revenues reached $439.67 million, reflecting an increase of 5.58% from $416.42 million in Q4 FY17. For the quarter under review, the Company's product revenues increased 17.94% to $231.69 million on a y-o-y basis, while its service revenues decreased 5.45% to $207.98 million on a y-o-y basis. The Company's total revenue numbers exceeded analysts' consensus estimates of $423.70 million.
Viasat had new contract awards of $404 million in Q4 FY18, 4.94% higher than $385.60 million in Q4 FY17. The Company's sales backlog also increased 6.40% to $1.09 billion in the reported quarter from $1.02 billion in the prior year's same quarter.
During Q4 FY18, Viasat's cost of product revenues was $170.75 million, up 20.29% on a y-o-y basis, and cost of service revenues was $156.60 million, up 18.49% on a y-o-y basis. The Company incurred selling, general, and administrative expenses of $106.04 million in the reported quarter, 9.81% higher than $96.56 million in the previous year's comparable quarter. Viasat reported a loss from operations of $33.05 million in Q4 FY18 compared to an income from operations of $2.68 million in Q4 FY17. The Company had adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $55.59 million in the quarter under review, a decrease of 33.38% from $83.45 million in the previous year's corresponding quarter.
Viasat's net loss attributable to common shareholders was $19.95 million in the quarter ended March 31, 2018, compared to a net income attributable to common shareholders of $6.65 million in the same period of last year. The Company had a diluted loss per share of $0.34 in Q4 FY18 compared to a diluted income per share of $0.11 in Q4 FY17. The Company's reported earnings included amortization of acquired intangible assets, stock-based compensation expenses, and an income tax effect. Excluding these non-recurring items, Viasat had an adjusted loss per share of $0.05 in the reported quarter versus an adjusted income per share of $0.32 in the prior year's comparable quarter. Market analysts had expected the Company to report a loss per share of $0.19 for Q4 FY18.
For the full fiscal year ended March 31, 2018, Viasat's total revenues were $1.59 billion, up 2.26% from $1.56 billion in FY17. The Company had a loss from operations of $92.19 million in FY18 compared to an income from operations of $36.46 million in FY17. Viasat's net loss attributable to common shareholders was $67.31 million, or $1.15 loss per share, in the reported year compared to a net income of $23.77 million, or 0.45 per share, in the previous year. Viasat's adjusted diluted earnings per share (EPS), excluding non-recurring items, was $0.04 in FY18 compared to $1.23 in FY17.
During Q4 FY18, Viasat's Satellite Services segment reported revenues of $145 million, down 9.88% on a y-o-y basis. The segment had adjusted EBITDA of $30.10 million in Q3 FY18, 59.87% lower than $75 million in Q3 FY17.
For Q4 FY18, Viasat's Commercial Networks segment's net revenues ascended 28.93% to $76.20 million on a y-o-y basis. The segment had a loss before interest, tax, and depreciation of $32.90 million in the quarter under review compared to $36.50 million in the year ago corresponding quarter.
During Q4 FY18, Viasat's Government Systems segment's net revenues were $218.60 million, up 11.25% on a y-o-y basis. The segment had adjusted EBITDA of $58.40 million in Q4 FY18, an increase of 29.78% from $45 million in Q4 FY17.
Viasat had cash and cash equivalents of $71.45 million as on March 31, 2018, 45.08% lower than $130.10 million as on March 31, 2017.
Stock Performance Snapshot
June 22, 2018 - At Friday's closing bell, Viasat's stock was slightly up 0.16%, ending the trading session at $64.18.
Volume traded for the day: 307.25 thousand shares.
Stock performance in the last month – up 2.18%
After last Friday's close, Viasat's market cap was at $3.81 billion.
The stock is part of the Technology sector, categorized under the Communication Equipment industry.
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