Gilat Satellite Networks Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Gilat Satellite Networks Reports Second Quarter 2024 Financial Results
PETAH TIKVA, Israel, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimate | Actual vs Estimate |
|---|---|---|---|---|---|
| Revenue | $76.6 million | $67.6 million | +13% | $74.1 million | +$2.5 million |
| GAAP Operating Income | $2.8 million | $5.4 million | -48% | N/A | N/A |
| Non-GAAP Operating Income | $7.3 million | $6.1 million | +21% | N/A | N/A |
| GAAP Net Income | $1.3 million | $4.3 million | -70% | N/A | N/A |
| GAAP EPS (diluted) | $0.02 | $0.08 | -75% | $0.04 | -$0.02 |
| Non-GAAP Net Income | $5.6 million | $4.9 million | +13% | N/A | N/A |
| Non-GAAP EPS (diluted) | $0.10 | $0.09 | +11% | N/A | N/A |
| Adjusted EBITDA | $10.1 million | $9.2 million | +10% | N/A | N/A |
Gilat Satellite Networks delivered a strong revenue performance in Q2 2024, surpassing Wall Street estimates. However, the GAAP operating and net incomes saw a decline primarily due to acquisition-related expenses and amortization costs. Non-GAAP metrics showed a healthier picture with solid improvements in operating income and net income year-over-year.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Revenue Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| Total Company Revenue | $76.6 million | $67.6 million | +13% |
Gilat's business segments continued to show robust performance, especially in the defense satellite communications sector, which has benefited from the DataPath acquisition. Specific segment breakdowns and their respective historical comparisons were not provided but are implied to be strong contributors.
Management Commentary
CEO Adi Sfadia highlighted the strategic acquisition of Stellar Blu as a transformative move, positioning Gilat as a leader in the In-Flight-Connectivity market with an estimated $120-$150 million contribution to 2025 revenue. Additionally, he praised the broadening pipeline and solid traction in the defense segment due to the DataPath subsidiary.
Forward Guidance
Gilat reiterated its 2024 revenue guidance of $305-$325 million, anticipating 18% year-over-year growth at the midpoint. GAAP operating income is expected between $15 and $19 million, and Adjusted EBITDA is projected in the range of $40 to $44 million. The guidance does not factor in additional contributions from Stellar Blu, expected to add $25-$35 million in Q4 2024.
Stock Price Movement
Following the earnings release, Gilat's stock price experienced a 1.23% increase.
For more detailed information and full statements, please visit Gilat's official website .
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