ViaSat reports Q2 non-GAAP EPS $1.19, consensus 54c

Reports Q2 revenue $1.2B, consensus $1.07B. Management comented, “Our performance for Q2 FY2024 was robust, marked by significant double-digit year-over-year growth in both core revenue and Adjusted EBITDA. We’re pleased to report solid progress during Q2 FY2024 on our three near-term business priorities: 1.Sustain the operational momentum and financial performance of our core businesses. Our Q2 FY2024 operating results, described below, demonstrate strong execution. We achieved 16% and 20% YoY growth in both core revenue and Adjusted EBITDA, respectively…2.Rapid integration of the Inmarsat business. We have begun to leverage the scale of our global mobility services and achieve the economic benefits envisioned by the acquisition…3.Sustain our growing mobility business and achieve positive free cash flow. Our existing satellite fleet and the 7 Ka-band satellites under construction are expected to support our multi-year growth objectives. We also expect the ViaSat-3 F1 satellite, while impaired, along with our other satellite assets, will fulfill our global mobility needs. We have also adjusted our capital budgets to reflect our increasing focus on global mobility, our multi-year financial growth plan, and our target of achieving positive free cash flow in the first half of CY2025.”