Gilat Satellite Networks has reported its results for the first quarter ended March 31, with revenue of $67.4 million, up 5.4 percent from 2017.
Fixed networks segment revenues were up 40 percent year over year, while the mobility solutions segment revenue increased 39.3 percent. Terrestrial infrastructure projects segment revenue decreased 59.4 percent, mainly due to the construction phase of the company’s project for Fitel in Peru winding down for a shift to the operational phase later this year.
Generally Accepted Accounting Principles (GAAP) operating income rose to $3.7 million, while non-GAAP operating income rose to $5.1 million, or 108 percent year over year. GAAP net income was $2.3 million, or $0.04 per diluted share, compared with a GAAP loss of $0.8 million, or $0.01 per diluted share, in the first quarter of 2017. Non-GAAP net income increased year over year to $3.8 million, or $0.07 per diluted share, versus $1.7 million, or $0.03 per diluted share, in 2017. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 78 percent year over year to $7.5 million, or 11.2 percent of revenue.