ViaSat, Inc. (NASDAQ: VSAT) – Viasat Stock Gains Despite Missing Q4 Revenue Due to Strong Order Book Growth

Viasat Inc (NASDAQ: VSAT) published in the fourth quarter of fiscal 21 Revenue growth of 1% year-on-year to $ 595.8 million, missing analyst consensus of $ 608.1 million.
New contract awards increased 7% year-on-year to $ 593 million and backlog increased 23% year-on-year to $ 2.3 billion.
Satellite service revenues grew 8% year-on-year to $ 230.3 million, helped by strong U.S. demand for premium broadband services partially offset by the impact of the pandemic on connectivity revenues in flight (IFC).
Sales network revenue decreased 9% year on year to $ 84.7 million due to lower sales of IFC terminals partially offset by strong sales of ground antenna systems. Government systems revenues fell 2% year-on-year to $ 280.8 million due to continued supply friction.
Operating profit increased 106.5% year-on-year to $ 29.1 million, with margin increasing 250 basis points to 4.9%.
Non-GAAP net income increased 26% year on year to $ 25.2 million. The margin increased 80 basis points to 4.2%.
Adjusted EBITDA increased 23% year-over-year to $ 148.1 million. The margin increased 453 basis points to 24.9%.
The non-GAAP EPS of $ 0.36 was not comparable to the analyst consensus of $ 0.01.
Viasat generated $ 170 million in cash flow from operations and held $ 296 million in cash and cash equivalents.
Price action: VSAT shares traded up 1.71% to $ 48.23 in the last check on Tuesday.