{"id":59249,"date":"2020-08-07T17:20:07","date_gmt":"2020-08-07T09:20:07","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/viasat-1q-report-expected-ifc-losses-offset-by-strong-contract-awards\/"},"modified":"2020-08-07T17:20:07","modified_gmt":"2020-08-07T09:20:07","slug":"viasat-1q-report-expected-ifc-losses-offset-by-strong-contract-awards","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/viasat-1q-report-expected-ifc-losses-offset-by-strong-contract-awards\/","title":{"rendered":"Viasat 1Q Report: Expected IFC Losses Offset by Strong Contract Awards"},"content":{"rendered":"<\/p>\n<p><strong>Viasat<\/strong> is the latest to join a long list of satellite operators reporting quarterly losses that weren\u2019t nearly as bad as analysts expected. Again, COVID-19 is the culprit, taking a bite out of the satellite and wireless operator\u2019s 2021 first quarter revenue of $530.49 million. Viasat posted $537.04 million in revenues during the same period last year.<\/p>\n<p>\u201cCost reduction actions taken early in the crisis supported margins in the quarter and are expected to create opportunities for sustained margin improvement,\u201d Viasat CEO Mark Dankberg said in a letter to investors. \u201cOur broad business portfolio is helping overcome the decline in commercial aircraft In-Flight Connectivity (IFC). Our Government Systems and fixed broadband businesses contributed to 8 percent year-over-year growth in adjusted EBITDA, and are anticipated to build momentum over the course of FY2021. Very strong awards, driving a record $2 billion contract backlog, plus another $3 billion in unawarded government IDIQ contract value, support this outlook.\u201d<\/p>\n<p>Viasat\u2019s Commercial Networks business posted 1Q revenues of $67 million, a 15% drop from the same period last year. The decrease was due to contraction in the IFC market, with sales of commercial air equipment down more than 90% from the previous year. Viasat\u2019s overall antenna systems business, however, posted a company record $165 million in awards for the quarter. Viasat\u2019s Satellite Services fixed broadband business unit added approximately 9,000 net subscribers in the quarter.<\/p>\n<p>Company earnings-per-share (EPS) were $0.03, again beating analysts projections of a loss of $0.06 during the quarter. This is the fourth consecutive fiscal quarter that Viasat has beaten market EPS and revenue forecasts.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Viasat is the latest to join a long list of satellite operators reporting quarterly losses that weren\u2019t nearly as bad as analysts expected. Again, COVID-19 is the culprit, taking a bite out of the satellite and wireless operator\u2019s 2021 first quarter revenue of $530.49 million. Viasat posted $537.04 million in revenues during the same period [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54018,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-59249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59249"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=59249"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/59249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/54018"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=59249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=59249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=59249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}