Viasat Tops Q3 Consensus - Viasat (NASDAQ:VSAT)

Viasat Inc VSAT reported third-quarter FY22 revenue growth of 25% year-on-year to $719.7 million, beating the consensus of $712.5 million.
Revenue from Satellite Services rose 40% Y/Y to $309.7 million, Commercial Networks increased 55% Y/Y to $139.7 million, and Government Systems grew 2% Y/Y to $270.3 million.
Consolidated new contract awards for the quarter were $569 million, down 12% Y/Y resulting in a consolidated backlog of $2.1 billion, down 10% Y/Y.
Adjusted EBITDA rose 10% Y/Y to $162.8 million. The margin declined 300 bps from costs associated with the upcoming ViaSat-3 service launch, international expansion, and increased R&D.
Non-GAAP EPS of $0.33 beat the consensus of $0.01.
Viasat held $166 million in cash and equivalents and generated $159 million in operating cash flow.
Outlook: Viasat expects to generate meaningful revenue and Adjusted EBITDA growth in FY22.
The company notes Satellite Services segment outlook for the remainder of FY22 is robust, and Government Systems' overall outlook remains attractive.
The company also expects the Commercial Networks segment to continue the recent trends of solid revenue growth.
Price Action: VSAT shares traded lower by 0.65% at $41.41 on the last check Thursday.