• Gilat Satellite Networks Ltd (NASDAQ: 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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This article Why Are Gilat Satellite Networks Shares Trading Higher Today originally appeared on Benzinga.com

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