ViaSat Inc. Misses on Top and Bottom Lines (VSAT)

ViaSat Inc.

reports Q2 EPS of $0.23 versus estimates of $0.37. Public Storage reports Q2 revenues of $192 million versus estimates of $209.92 million. "ViaSat generated healthy year-over-year growth in revenue, Adjusted EBITDA, orders and contract awards, and sales backlog, but results were impacted by the program expense as well as delays in contract award decisions on a number of government follow-on and competitive contracts," said Mark Dankberg, Chairman and CEO of ViaSat. He added, "We anticipate that several potentially significant awards will be decided within the current quarter. The defense budget is clearly under increasing pressure, leading to ordering delays throughout the defense procurement market, but we believe that pressure also creates a more receptive market for ViaSat's lower cost systems. Our strong competitive positions in expected growth segments such as airborne intelligence, situational awareness, data links, and cyber security afford an opportunity to accelerate and build on the momentum from our recent Blue Force Tracking-2 contract award. The Blue Force Tracking initial contract ceiling value is our second largest ever and was awarded shortly after the end of the first quarter." Shares of VSAT are higher by 0.49% in the after-hours.