Gilat Satellite Networks Clocks 8% Revenue Growth In Q4; Names New Chair As Isaac Angel Set To Retire In March

Gilat Satellite Networks Ltd GILT reported fourth-quarter FY22 revenue growth of 8% year-on-year to $72.6 million, missing the consensus of $74.1 million.

• Non-GAAP operating income was $7.1 million, up 8% Y/Y.
• Non-GAAP EPS of $0.14 beat the consensus of $0.06.
• Gilat held $87.1 million in cash and equivalents. 
• Chair Transition: Isaac Angel, Chairman of the Board, planned to retire effective March 8 due to personal time constraints. The Board has appointed Ami Boehm as the new Chairman of the Board.
• Adi Sfadia, Gilat's CEO, commented: "2022 marked key achievements in several strategic areas. We delivered SkyEdge IV, our leading ground segment for next-generation satellite communication, to over 20 gateways worldwide, enabling hundreds of Gbps of capacity and securing tens of millions of dollars' worth of contract awards."
• Outlook: Gilat saw FY23 revenue of $260 million - $280 million (consensus $279.3 million).
• Price Action: GILT shares traded higher by 2.66% at $5.79 premarket on the last check Monday.

Now Read: Pepsi Shares Its Experience Using The Tesla Semi: What Drivers Are Saying

Photo: Unsplash