ViaSat Swings To Q4 Loss - Update

(RTTNews) - Satellite and wireless networking systems provider ViaSat Inc (VSAT), Tuesday posted a loss for the fourth quarter, on higher costs that offset a double-digit revenue growth. Adjusted earnings for the quarter fell short of analysts' estimates, as did revenues.

Carlsbad, California-based ViaSat posted fourth-quarter net loss of $3.5 million or $0.08 per share, compared to net earnings of $1.9 million or $0.04 per share last year.

Excluding items, adjusted earnings for the quarter dropped to $4.4 million or $0.10 per share from $8.8 million or $0.19 per share a year ago. On average, ten Analysts polled by Thomson Reuters expected earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

ViaSat's revenues for the quarter grew 11 percent at $343.9 million from $308.7 million last year. Analysts had a consensus revenue estimate of revenues of $348.98 million for the quarter.

Satellite services segment revenue soared 35 percent to 105.9 million, while commercial networks segment rose 15 percent to $96.1 million. Government systems segment revenue decreased $4.5 million to $142.0 million from a year ago.

Selling, general and administrative costs rose to $74.1 million from $68.1 million last year, while independent research and development expenses increased to $16.6 million from $11.7 million last year.

VSAT closed Tuesday's trading at $58.64, down $1.48 or 2.46%, on the Nasdaq. The stock further dropped to $1.19 or 2.03% in after-hours trade.