Gilat reports continued strong growth in profitability in Q2 2018

Gilat Satellite Networks Ltd., a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2018.

Key Financial Highlights:

  • Revenues for Q2 2018 were $66.5 million, compared with $66.2 million in Q2 2017.

  • Continued strong profitability:

  • Q2 2018 GAAP operating income increased to $4.1 million, up 121.0% from Q2 2017.

  • Q2 2018 Non-GAAP operating income rose to $5.7 million, up 37.1% year over year.

  • Q2 2018 GAAP net income was $2.2 million, or $0.04 per diluted share, compared with $2.1 million, or $0.04 per diluted share, in Q2 2017.

  • Q2 2018 non-GAAP net income was $3.7 million, or $0.07 per diluted share, versus $4.6 million, or $0.08 per diluted share, in Q2 2017.

  • Q2 2018 Adjusted EBITDA increased 37.6% year over year to $8.1 million, or 12.2 % of revenues.

  • Reiterated management objectives for 2018: revenue range between $285 million to $305 million, GAAP operating income between $17 million and $21 million, and Adjusted EBITDA between $30 million and $34 million.

Yona Ovadia, CEO of Gilat, commented: “I am pleased to report that the second quarter of 2018 was another strong quarter for Gilat. We continued the trend of improvement in profitability as well as continued growth momentum in our business, as evidenced with the following achievements:

“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.

“The win in LATAM 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.

“Finally, we also announced the win of two new regional telecommunications infrastructure projects for Fitel in Peru, bringing Gilat’s awarded regions to six out of the 13 regions. Gilat’s long term goal in Peru is for multi-year high margin recurring revenues from services, which is the motivation for these projects rather than the construction dollars.”

Mr. Ovadia concluded: “We remain committed to our target of improving the bottom line, and are 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.”

Key Recent Announcements:

  • 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 $153.6 Million by Fitel Peru for Regional Telecommunications Projects

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