Viasat Q3 Adj. EBITDA Rises; Organic Revenue Up 14%

(RTTNews) - Viasat Inc. (VSAT) reported that its third quarter non-GAAP net income per share declined to $0.33 from $0.39, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.01, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $163 million, a 10% increase from the prior year period.

Net loss was $6.6 million or $0.09 per share compared to profit of $6.8 million or $0.10 per share, last year. The company said the loss was due primarily to higher depreciation and non-recurring acquisition related expenses.

Revenues increased to $719.7 million from $575.6 million, prior year. Analysts on average had estimated $712.45 million in revenue. The company noted that its top-line growth was driven by recent acquisitions, broad-based service revenue growth across each of the segments and strong product sales. Organic revenue grew 14% excluding the impact of the acquisitions.

Satellite Services revenue increased to a record $310 million, a 40% increase from a year ago.

"Our year-to-date fiscal 2022 results reinforce our confidence in meeting our standalone year-over-year mid-teens adjusted EBITDA growth targets for fiscal 2022 and fiscal 2023 relative to fiscal 2021. We also remain on track to achieve our stand-alone fiscal 2025 target of more than doubling adjusted EBITDA relative to fiscal 2020," the company stated.