Gilat Satellite Networks Eyes Defense Sector Growth After DataPath Acquisition, Beats Q4 EPS Estimates

Gilat Satellite Networks Ltd GILT reported fourth-quarter fiscal 2023 revenue growth of 4% year-on-year to $75.61 million, missing the consensus of $75.99 million. 

Adjusted operating income was $6.1 million versus $7.1 million a year ago. The GAAP operating income was $2.9 million, compared with $6.1 million Y/Y.

Adjusted EPS of $0.11 beat the consensus of $0.07. 

Gilat held $104.7 million in cash and equivalents as of December 31, 2023.

Adi Sfadia, Gilat’s CEO, commented: “Looking back, we have a lot to be proud of. In mid-November, we concluded the acquisition of DataPath in the US, which brings several synergies for both businesses and we see DataPath as a significant long-term growth asset for Gilat in the defense sector.”

FY24 Outlook: Gilat expects revenue of $305 million-$325 million versus a consensus of $291.62 million.

The company expects operating income of $15 million – $19 million and adjusted EBITDA of $40 million – $44 million.

Price Action: GILT shares were down 1.26% to $6.25 premarket at last check Monday.