ViaSat says Q1 'promising start' to 'meaningful growth' in FY19
The company said in its earnings release, "Our first quarter results signal a promising start toward driving meaningful growth in fiscal year 2019, by capitalizing on the service launch of ViaSat-2 and leveraging prior year research and development (R&D) and infrastructure investments. All segments contributed to 15% year-over-year revenue growth and even stronger 29% year-over-year new contract awards growth, which together build confidence in sustained or accelerating growth for the fiscal year as a whole. Prior investments in network and business infrastructure create the opportunity for significant margin expansion as we accumulate the benefits of growing revenues in residential, IFC, government, Wi-Fi and enterprise broadband services over the course of the fiscal year." ViaSat reported residential average revenue per user in the U.S. grew sequentially and by 9% year-over-year to $72.38. New contract awards in its Government Systems unit rose 22% year-over-year, with a book-to-bill ratio of 1.6.