Gilat Satellite Swings To Q3 Profit

(RTTNews) - Gilat Satellite Networks Ltd. (GILT) Tuesday reported third-quarter net income of $177 thousand or $0.00 per share, compared to a loss of $4.04 million or $0.09 per share last year.

Adjusted earnings for the quarter were $0.07 per share, compared to adjusted loss of $0.02 per share last year.

Revenues for the third quarter grew to $57.1 million from $51.8 million last year, driven largely by Services division and Defense and Mobility division.

CEO Erez Antebi said, "As to our 2014 management objectives, we believe that Gilat will reach higher profitability than what was mentioned previously with EBIDTA margins of about 10% for the year, although revenues are expected to be slightly lower, at a level of approximately $235 million."