Gilat Clocks 34% Revenue Growth In Q3

Gilat Satellite Networks Ltd GILT reported third-quarter FY21 revenue growth of 34% year-on-year to $49.9 million.
Segments: Fixed Networks revenue declined 2.1% Y/Y to $22.3 million, Mobility Solutions revenue rose 134.8% Y/Y to $21.6 million, and Terrestrial Infrastructure Projects revenue climbed 13.2% Y/Y to $5.96 million.
Non-GAAP EPS was $0.01 versus $(0.05) last year.
Gilat held $85.4 million in cash and equivalents and generated $4.99 million in operating cash flow.
"We are especially pleased with our success in signing new deals, some of which are potentially transformable in nature and strategic," CEO Adi Sfadia said.
"Looking ahead, given the recent wins and awards as well as the strong and improving momentum we are seeing across our business, we are increasingly confident that we will show significant growth in the top line and in the Adjusted EBITDA, both in Q4 of this year and in 2022," Sfadia added.
Price Action: GILT shares traded higher by 3.89% at $8.55 on the last check Tuesday.

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