Benzinga | May 25, 2021 09:46AM EDT

Viasat Stock Gains Despite Q4 Revenue Miss on Strong Backlog Growth

* Viasat Inc (NASDAQ: VSAT) reported fourth-quarter FY21 revenue growth of 1% year-on-year to $595.8 million, missing the analyst consensus of $608.1 million.

* New contract awards rose 7% Y/Y to $593 million, and Sales backlog increased 23% Y/Y to $2.3 billion.

* Satellite Services revenue rose 8% Y/Y to $230.3 million, aided by strong U.S. demand for premium broadband services partially offset by the impact of the pandemic on the In-Flight Connectivity (IFC) revenue.

* Commercial Networks revenue declined 9% Y/Y to $84.7 million due to lower IFC terminal sales partially offset by strong ground antenna system sales. Government Systems revenue declined 2% Y/Y to $280.8 million due to continued procurement frictions.

* The operating income rose 106.5% Y/Y to $29.1 million, with the margin expanding 250 basis points to 4.9%.

* Non-GAAP net income rose 26% Y/Y to $25.2 million. The margin expanded 80 basis points to 4.2%.

* Adjusted EBITDA rose 23% Y/Y to $148.1 million. The margin expanded 453 basis points to 24.9%.

* Non-GAAP EPS of $0.36 was not comparable to the analyst consensus of $0.01.

* Viasat generated $170 million in operating cash flow and held $296 million in cash and equivalents.

* Price action: VSAT shares traded higher by 1.71% at $48.23 on the last check Tuesday.