Gilat Operating Income Up 121%, Reports Continued Strong Growth in Profitability in Q2 2018
Petah Tikva, Israel, August 7, 2018 — Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) reported today revenues for Q2 2018 were US$ 66.5 million, compared with US$ 66.2 million in Q2 2017, and its Q2 2018 GAAP operating income increased to US$ 4.1 million, up 121% from Q2 2017.
Yona Ovadia, CEO of Gilat, said the company continued the trend of improvement in profitability as well as continued growth momentum in its business.
Gilat also reported key financial highlights for the quarter as follows:
- Q2 2018 Non-GAAP operating income rose to US$ 5.7 million, up 37.1% year over year.
- Q2 2018 GAAP net income was US$ 2.2 million, or $0.04 per diluted share, compared with US$ 2.1 million, or $0.04 per diluted share, in Q2 2017.
- Q2 2018 non-GAAP net income was US$ 3.7 million, or $0.07 per diluted share, versus US$ 4.6 million, or $0.08 per diluted share, in Q2 2017.
- Q2 2018 Adjusted EBITDA increased 37.6% year over year to US$ 8.1 million, or 12.2 % of revenues.
“In our strategic area of LTE cellular backhaul we have secured two additional wins, one with Telstra in Australia and the other with a major MNO in Latin America. In both these areas of the globe, Gilat was selected for its recognized global leadership in large, efficient and reliable LTE networks, which is what the businesses and residents in the remote locations of these countries expect and are willing to pay for," Ovadia said.
“The win in Latin America is joined by the announcement on an expansion of our relationships with Hispasat for the delivery of affordable high quality broadband services to consumers and enterprises in the vast areas of Brazil that currently do not have this service, which marks our continued efforts and recovery of the business in this key part of the world."
Ovadia added Gilat remains committed to its target of improving the bottom line, and is confident that as capacity prices continue to decrease and demand grows, new opportunities will continue to be generated. “This, together with our ongoing significant investment in R&D will drive further momentum in our strategic growth engines,” he said.
Gilat also reported other key company developments as follows:
- Hispasat and Gilat Partner to Commercialize High Throughput Satellite (HTS) Capacity of Amazonas 3 and 5 Satellites over Brazil
- Tier-1 Mobile Network Operator in Latin America Selects Gilat for LTE Satellite Backhaul
- Telstra Selects Gilat’s Satellite-based Cellular Backhaul Solution for 4G Mobile Service Expansion to Remote Locations Across Australia
- Telesat and Gilat Join Forces to Develop Broadband Communication Modem Technology for Low Earth Orbit (LEO) Satellites
- Gilat Awarded US$ 153.6 Million by Fitel Peru for Regional Telecommunications Projects
Related Articles:
Hispasat Selects Gilat for a Multi-million dollar Project to Deliver Broadband Services in Mexico
NBN Co and Speedcast Select Gilat for Business and Enterprise Satellite Service in Australia
