Gilat reports strong growth in 3Q 2019

Gilat Satellite Networks Ltd., has reported its results for the third quarter ended September 30, 2019. Revenues for Q3 2019 increased to USD 63.4 million compared with USD 59.7 million for 2Q 2019 and USD 62.8 million in 3Q 2018. 3Q 2019 GAAP operating income increased 17.1 percent to USD 7 million from USD 6 million in 3Q 2018 and was up 43.1 percent from USD 4.9 million in 2Q 2019. Non-GAAP operating income in 3Q 2019 rose to USD 7.5 million, or by 15.4 percent from 3Q 2018 and rose 19.4 percent sequentially.

3Q 2019 GAAP net income totaled USD 6.3 million, or USD 0.11 per diluted share a decrease of 27.3 percent compared with USD 8.7 million, or USD 0.16 per diluted share, in 3Q 2018, which included a one-time tax benefit of USD 4.1 million. 3Q 2019 net income increased 84.7 percent from USD 3.4 million, or USD 0.06 per diluted share, in 2Q 2019. On a non-GAAP basis, 3Q 2019 net income increased 34.1 percent to USD 6.8 million, or USD 0.12 per diluted share, compared with USD 5.1 million, or USD 0.09 per diluted share, in 3Q 2018 and was up 41.6 percent from USD 4.8 million, or USD 0.09 per diluted share, in 2Q 2019. 3Q 2019 adjusted EBITDA totaled USD 10.1 million, an increase of 10.6 percent YoY and 13 percent QoQ.