ViaSat Inc. closed the books on its 2017 fiscal year, recording net income of $23.8 million on revenue of $1.56 billion. The Carlsbad business makes satellite communication gear and offers satellite services to consumers and the airline industry as well as government and military customers.
For the prior fiscal year, which ends March 31, ViaSat (Nasdaq: VSAT) reported net income of $21.7 million on revenue of $1.42 billion.
The business announced its financial results on May 23.
For the fourth quarter, the company reported net income of $6.7 million on revenue of $416.4 million. The fourth quarter of fiscal 2016 brought net income of $4.5 million on revenue of $372.0 million.
Setting aside one-time items, ViaSat reported annual earnings of $1.23 per share. Seven analysts surveyed by Thomson Reuters collectively predicted $1.13 per share. Six analysts predicted 28 cents for the fourth quarter; ViaSat beat that by turning in earnings, less one-time items, of 32 cents. ViaSat shares traded higher May 24 at $64.
The business is anticipating the June 1 launch of its ViaSat-2 satellite, which will provide faster, higher-bandwidth service over North America and the North Atlantic. It expects to put the satellite into service during the first quarter of the 2018 calendar year.
The business also said that operating cash flow is supporting its investments in next-generation satellite platforms. ViaSat is looking ahead to several new satellites to be called ViaSat-3.