Viasat hits revenue record for first 9 months of year
Global communications company Viasat, which use satellite technology to supply high quality wifi internet connections around the world, reported third quarter earnings for fiscal 2018 last week. The company said third-quarter revenue totaled $381.8 million, which pushed revenue for the first nine months of the year to a record high for Viasat - $1.2 billion.
The company said that quarterly contract awards increased by 23% from the year-ago quarter, bringing its total backlog to a respectable $1.1 billion – another record high. But the fulfillment of this backlog is not all investors have to look forward to: the ViaSat-2 commercial service launch is expected this month. The new service plans this enables will include unlimited data plans that come with cable speeds.
By the end of the quarter, Viasat had a total of 1,501 aircraft either in service with its IFC system, or under contract. That’s a quarter-over-quarter increase of 92 planes.
The company’s chairman and CEO, Mark Dankberg, said: "Fiscal 2018 is a year of investment and positioning Viasat for growth on multiple fronts. We executed well on our primary objectives in the third quarter, including building on the momentum in the Government Systems segment; preparing for the launch of new residential service plans enabled by ViaSat-2; continuing to deploy and scale our next-generation IFC platform; and hitting important research and development (R&D) milestones associated with ViaSat-3."
On the same day, the company issued a second statement, announcing that Viasat has won a contract with United Airlines to provide in-flight entertainment and connectivity across over 70 aircraft.
Dominion holds Viasat in its Global Trends Managed Fund.
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