Viasat Q1 Adj. Profit Rises

(RTTNews) - Viasat Inc. (VSAT) said it grew first-quarter revenue 25% year-over-year due to top-line increases across all segments and the acquisitions completed during the quarter. Government Systems revenue increased 4%, for the quarter. For the near-term, the company targets average annual revenue growth of approximately 20% through fiscal 2023 from fiscal 2021. Average annual adjusted EBITDA growth is targeted in the mid-teens through fiscal 2023 from fiscal 2021.

First quarter Non-GAAP net income per share increased to $0.46 from $0.08, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.02, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $159 million, a 52% increase from last year.

Net income was $17.0 million or $0.23 per share compared to a loss of $12.4 million or $0.20 per share, a year ago.

Revenues were $664.9 million, up 25% from last year. Analysts expected revenue of $627.35 million, for the quarter.