Gogo Stock Gains On Q3 Beat, Eyes 'High-End' Of FY21 Revenue Outlook - Gogo (NASDAQ:GOGO)

Gogo Inc GOGO reported third-quarter FY21 revenue growth of 31% year-on-year to $87.2 million, beating the consensus of $84.1 million.
Service revenue grew 24% Y/Y to $66.2 million. Equipment revenue rose 59% Y/Y to $21 million.
Total ATG aircraft online increased 10% Y/Y to 6,154. The average monthly service revenue per ATG aircraft online (ARPU) was $3,264, up 9% Y/Y. Total AVANCE units online grew 46% Y/Y to 2,237.
Adjusted EBITDA rose 35% Y/Y to $40.8 million.
EPS of $0.16 beat the consensus of $0.08.
Gogo held $133.2 million in cash and equivalents. The company generated $32.4 million in free cash flow during the nine months ended September 30.
"Demand for business aviation connectivity is surging, and we expect it to continue to surge for the next several years," Chair and CEO Oakleigh Thorne said.
Outlook: Gogo sees FY21 total revenue at the high end of the previously expected $325 million - $335 million, versus the consensus of $332.1 million.
The company also reiterated long-term financial targets.
Price Action: GOGO shares traded higher by 6.85% at $17.7 on the last check Thursday.