Business
Gilat Reports Continued Profitability Growth in Q2 2019
PETAH TIKVA, Israel, Aug. 6, 2019 /PRNewswire/ -- Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE: GILT), a worldwide leader in satellite networking
About this update from Gilat Satellite Networks Ltd.
[{"type":"text","content":"PETAH TIKVA, Israel, Aug. 6, 2019 /PRNewswire/ -- Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2019.\nKey Financial Highlights: \nRevenues for Q2 2019 totaled $59.7 million compared with $66.5 million for Q2 2018. Continued strong profitability: Q2 2019 GAAP operating income increased 17.9% to $4.9 million from $4.1 million in Q2 2018. Q2 2019 Non-GAAP operating income rose to $6.3 million, or by 10.8% from Q2 2018. Q2 2019 GAAP net income increased 58.3% to $3.4 million, or $0.06 per diluted share, compared with $2.2 million, or $0.04 per diluted share in Q2 2018. Q2 2019 non-GAAP net income increased 30.7% to $4.8 million, or $0.09 per diluted share, compared with $3.7 million, or $0.07 per diluted share, in Q2 2018. Q2 2019 Adjusted EBITDA increased 10% year over year to $8.9 million, or 14.9% of revenues.Reiterated management objectives for 2019: revenue range between $275 million to $295 million, GAAP operating income of between $23 million and $27 million, and Adjusted EBITDA between $38 million and $42 million. Yona Ovadia, CEO of Gilat, commented: \n\"I am pleased to report that aside from Gilat's continued positive results and solid profitability in the second quarter, this has been a strong quarter as we executed our strategy to build high quality revenues through our growth engines of Broadband, Mobile Cellular Backhaul and Mobility IFC.\n\"We achieved two major milestones in the quarter that will be important drivers of our future growth. \n\"The first is in the area of Inflight Connectivity. We have now entered into the Business Aviation market with a multi-million-dollar award from an Aviation Service Provider for our tail-mount antenna. This milestone not only complements our leading IFC position in Commercial Aviation, it also expands our IFC product portfolio with an airborne tail-mount antenna in addition to our leading airborne modem.\n\"Second, we have reached a critical milestone in Peru with approval to enter the operational phase of the three-region telecom project awarded in 2015 by Fitel. Entering this phase enables Gilat to unlock access to revenue of approximately $12 million per annum of operations fees, for a period of ten years, as well as to st...