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Viasat raises forecast despite ongoing OEM delays

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Viasat raises forecast despite ongoing OEM delays
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Viasat has slightly increased its 2025 fiscal year revenue outlook and expects to have 4,200 aircraft in service by the end of the period, despite ongoing delays at major airframers.

During a conference call to report its 2025 fiscal first-quarter earnings, Viasat chairman and CEO Mark Dankberg noted that these delays are not new but cited “a few issues on 737s” as well as continued “engine issues associated with Airbus planes” and some widebody delays. “[T]hey’re not getting worse but they’re persisting,” he said.

Longtime Viasat customer JetBlue is among the carriers grappling with a Pratt & Whitney geared turbofan (GTF) problem affecting some Airbus narrowbodies. Though Dankberg did not explicitly mention JetBlue on the call, the carrier expects aircraft on the ground (AOG) to significantly increase in 2025 and is deferring delivery of 44 Airbus A321neos to 2030 and beyond. This has reduced JetBlue’s planned capital expenditures for 2025-2029 by about $3 billion.

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Despite OEM delays and engine issues affecting AOG, Viasat’s fiscal first-quarter results yielded stronger-than-expected revenue of $1.1 billion, a 44% increase year-over-year driven by its acquisition of Inmarsat. Management pointed to the firm’s “competitive strength” in both defense and aviation.

By June 30, the end of Viasat’s fiscal first quarter, the firm had fitted its Ka-band satellite-supported broadband inflight connectivity solutions on 3,800 commercial aircraft (inclusive of Viasat-formerly-Inmarsat Global Xpress-equipped tails). It counted 1,900 fitted aircraft in business aviation. “[W]e still have our target of 4,200 aircraft in service at the end of FY25,” Dankberg said.

In the United States, Viasat counts airlines such as American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines as customers of its high-capacity Ka-band IFC system. Its hybrid S-band satellite/air-to-ground European Aviation Network offering powers Internet on hundreds of tails in Europe including at British Airways. Lufthansa Group plans to fit over 150 narrowbodies with EAN. Customers of Viasat’s Ka-band GX solution include Qatar Airways and Singapore Airlines.

US operators were looking forward to additional capacity from the new ViaSat-3 F1 Americas satellite; however, an antenna deployment anomaly has reduced capacity to roughly 10%. The F1 capacity is currently being focused on routes servicing Hawaii. The remaining two satellites in the ViaSat-3 constellation are likely to be positioned over the Americas and Asia-Pacific regions.

During the fiscal first quarter, Viasat narrowed its net loss to $33 million from $77 million in the previous year due to improved operating performance offset by higher interest expenses and reduced tax benefits.

The Carlsbad-based company stated it is “raising the low end of our FY2025 revenue and Adjusted EBITDA outlook while maintaining our view for FY2026.” However, it added that it remains prudent with guidance given uncertainties with delayed OEM commercial aircraft deliveries.

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