Gilat Satellite Networks reported its results for the third quarter (Q3) ended Sept. 30. Revenues took a slight dip, as they were $62.8 million for Q3 2018, compared with $69.9 million in Q3 2017. Yet, profitability remained strong is several key areas.
Generally Accepted Accounting Principals (GAAP) operating income for Q3 2018 increased to $6 million, up 79.6 percent from Q3 2017. Non-GAAP operating income rose to $6.5 million, up 32.7 percent year-over-year. GAAP net income in Q3 2018 was $8.7 million, an increase from the $2.1 million reported in Q3 2017. Non-GAAP net income for Q3 2018 was $5.1 million, versus $3.6 million in Q3 2017.
“We continued to increase profitability, with noteworthy year-over-year growth in GAAP operating income and Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA). We also continued to benefit from our investment in our growth engines of cellular backhaul and In-Flight Connectivity (IFC) and in our focus on improving profitability,” said Gilat Chief Executive Officer (CEO) Yona Ovadia. “From a business perspective, Gilat was awarded multi-million-dollar projects around the globe. New projects were secured in Russia, China and Japan, for broadband and high throughput satellites in which Gilat will provide its multi-service ground segment. From a technological perspective, we reached a major milestone with our partners Global Eagle and Telesat for demonstrating the first-ever live in-flight connectivity with a Low Earth Orbit (LEO) satellite as well as switchover between Telesat’s Geostationary Orbit (GEO) and LEO satellites.”
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