ViaSat Exceeds Expectations for 2013 3Q, Shares Surge
By Veronica Magan | February 8, 2013
[Satellite TODAY 02-08-13] ViaSat’s shares rose 24 percent Thursday after the company reported better than expected sales and earnings for the third quarter. The company said its revenue reached $286.4 million for this period, exceeding the $265.7 million forecasted by experts.
ViaSat also reported $1.8 million on profit, again contradicting analysts who had predicted a loss for the quarter. As a result, Needham & Co. raised its rating on the company from “hold” to “buy.” On Thursday, ViaSat’s shares jumped $9.55 to close at $49.29 on the Nasdaq.
The company’s gains came mostly from its defense and satellite broadband businesses. Its satellite Internet business ended the quarter with 38,000 more subscribers than the previous quarter. Most of the increase was due a distribution offer with DirecTV.
ViaSat ended the quarter with a backlog of $939 million, $364 million more than the same quarter last year.