CARLSBAD, Calif. - Viasat Inc. (NASDAQ: VSAT), a satellite communications company, announced today the appointment of Gary Chase as its new Chief Financial Officer, effective September 16, 2024. Chase will take over from Shawn Duffy, who will continue with the company as Chief Accounting Officer.
Chase joins Viasat with a wealth of experience from Delta Air Lines (NYSE:DAL), where he served as Senior Vice President of Operational Finance and as a member of the Delta Leadership Committee. His responsibilities at Delta included overseeing Financial Planning & Analysis, Investor Relations, and Corporate Planning. Before his tenure at Delta, Chase was a Managing Director in equity research at Barclays Capital and Lehman Brothers, focusing on the airline and transportation industries.
Mark Dankberg, Chairman and CEO of Viasat, expressed confidence in Chase's abilities to contribute to the company's growth objectives, emphasizing his operational experience and understanding of financial and operational automation. Dankberg also recognized Duffy's contributions to Viasat's financial growth during her tenure as CFO since 2014, which saw the company's revenues more than triple to $4.5 billion.
Chase commented on his new role, highlighting his respect for Viasat's mission and his anticipation to advance the finance function in support of the company's strategic initiatives and shareholder value creation.
Viasat, which completed the acquisition of Inmarsat in May 2023, aims to develop a global communications network to provide high-quality connections and positively impact lives worldwide. The company operates with offices in 24 countries and focuses on connectivity for consumers, businesses, governments, and militaries.
This news is based on a press release statement from Viasat, Inc. The forward-looking statements in the press release are subject to risks and uncertainties that could cause actual results to differ from expectations. Factors that may affect the company's performance include the realization of anticipated benefits from satellite projects, business plan implementation for broadband services, and risks associated with satellite operations.
In other recent news, Viasat Inc. has announced several significant developments. The satellite communications company has unveiled upgrades to its L-band tactical satellite service (L-TAC), providing a more efficient experience for global government customers. The enhancements include an automated service ordering and provisioning system, as well as a radio frequency over Internet protocol (RFoIP) solution for the U.S. government.
Viasat has also formed strategic partnerships with Airbus Defence and Space, and Azercosmos, the national satellite operator of Azerbaijan. The collaboration with Airbus will equip the Airbus C295 Maritime Patrol Aircraft with Viasat's GAT-5530 broadband terminal for the Spanish Ministry of Defence. The partnership with Azercosmos aims to extend satellite services in Azerbaijan and surrounding regions.
In terms of analyst activity, BofA Securities has raised its price target on Viasat shares from $24.00 to $28.00, maintaining a Buy rating. Conversely, Deutsche Bank has lowered its price target to $22, down from $23, but has upheld a Hold rating on the stock. Needham has also revised its price target for Viasat, lowering it to $28 from a previous target of $35, while maintaining its Buy rating. These are all recent developments in Viasat's operations and market position.
InvestingPro Insights
As Viasat Inc. (NASDAQ: VSAT) welcomes Gary Chase as its new Chief Financial Officer, the company's financial outlook based on real-time data from InvestingPro shows a mixed picture. Viasat's market capitalization stands at $2.12 billion, reflecting its status as a significant player in the satellite communications industry. Despite not being profitable over the last twelve months, analysts predict the company will turn a profit this year, which aligns with the company's growth objectives mentioned by Chairman and CEO Mark Dankberg.
The InvestingPro Data indicates that Viasat is trading at a low Price / Book multiple of 0.42, which could be of interest to value investors seeking underpriced assets relative to their book value. This metric is particularly relevant as Viasat integrates its recent acquisition of Inmarsat and looks to expand its global communications network.
One of the InvestingPro Tips suggests that Viasat operates with a significant debt burden, which is a key factor for the new CFO to manage, especially considering the company's ambitious growth plans. Another tip highlights that Viasat has a high shareholder yield, which could be appealing for investors looking for companies that return value to their shareholders through various means, even though the company does not pay a dividend.
InvestingPro offers a total of 11 tips for Viasat, providing a comprehensive analysis for investors considering this stock. For those seeking further insights, additional tips are available on the InvestingPro platform.
As Chase steps into his new role, his expertise in finance and operational automation will be crucial in navigating Viasat through its current financial landscape and towards achieving its long-term strategic initiatives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.