Gilat Satellite Networks revenues for 1st quarter: $ 67.4 million

In the first quarter of the year, Gilat Satellite Networks posted an increase in revenues and a real improvement in profits. The company's revenue, which manufactures communications equipment, and focuses on technologies grew by 5.4% compared to the corresponding quarter, and amounted to $ 67.4 million. According to GAAP, gross margin increased to 31.7% from 27.1% in the same quarter last year. The company earned $ 2.3 million, compared to a net loss of $ 784,000 in the parallel quarter. On a non-GAAP basis, excluding various accounting items, profit in the quarter increased more than 2fold to $ 3.8 million. The net profit per share reached 7 cents.
Cash flow from operating activities reached $ 26 million, and at the end of the quarter Gilat had cash and cash equivalents of $ 106 million. The company's management has approved its targets for 2018 and continues to expect revenue of $ 285-305 million - an increase of 1% -8% from 2017, and adjusted EBITDA of $ 30-34 million - an increase of 15% -30%.
"Our strong results in this quarter are a result of our continued business progress and our strategic growth engines for mobile transmission and high-speed Internet (IFC), and are reflected in all parameters.The first strong quarter together with the signing of the significant agreement with NBN in Australia, .We remain confident in our strategy and in achieving our goals for a year, "said CEO Yona Ovadia.