ViaSat Rises Following European Peer’s Quarterly Report

Shares of ViaSat (VSAT), which provides satellite-based broadband services, produces satellite and wireless communication systems, and provides solutions to government agencies, are rising after Eutelsat Communications reported on its financial results for the half-year ended December 31, 2017.

Commenting on the first half, Rodolphe Belmer, the CEO of Eutelsat, said: “First half results were in line with our expectations, with the decline in revenues mostly reflecting, as in the First Quarter, an unfavorable comparison basis in FY 2017. The integration of Noorsat, acquired to optimize Video distribution in the MENA region, is progressing smoothly. Looking ahead to the remainder of the year, all elements of our financial objectives are confirmed.” Eutelsat added that it expects “solid commercial performance to support revenues in the second half,” pointing to expectations for a positive outcome of its Video contract renewals, an expected favorable outcome of U.S. Government Autumn renewals, and incremental business secured in Government services.

In a note to investors, William Blair analyst Louie DiPalma said ViaSat’s shares were benefitting from the positive commentary made by Eutelsat.

In late day trading, ViaSat shares are up $2.62, or 3.75%, to $72.55.