Why Are Gilat Satellite Networks (GILT) Shares Trading Higher Today - Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks Ltd GILT reported first-quarter FY23 revenue growth of 15% year-on-year to $58.96 million, missing the consensus of $62.16 million.
Non-GAAP operating income was $7.0 million, versus a loss of $(1.0) million a year ago.
Non-GAAP EPS was $0.07 above the consensus of $0.00.
Gilat held $89.7 million in cash and equivalents.
Adi Sfadia, Gilat's CEO, commented: "I believe that Gilat today is in the best position it has been in a long time – revenue is growing strongly, with bookings, backlog, and the pipeline all at a very healthy level. This, coupled with our strong performance in Q1, has led us to increase our profitability guidance for 2023."
"Adding to that is the significant improvement in our profitability metrics, with gross margins reaching a multi-year high of 42% and Adjusted EBITDA of 14% of revenues or $8.4 million, more than tripled that of the same quarter last year," he added.
Outlook: Gilat reiterated FY23 revenue of $260 million - $280 million (consensus $279.33 million).
It raised operating income guidance to between $16 to $20 million and adjusted EBITDA guidance to between $31 to $35 million.
Price Action: GILT shares traded higher by 3.87% at $5.64 on the last check Tuesday.

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Why Are Gilat Satellite Networks Shares Trading Higher Today