Gilat Satellite Networks Ltd (NASDAQ:GILT) announced its third-quarter FY23 financial results, revealing a year-on-year revenue growth of 6%. The company’s revenue for the quarter reached $63.9 million, slightly below the consensus estimate of $67.9 million. Despite this, Gilat reported improved profitability, with adjusted operating income amounting to $6.1 million, compared to $2.4 million in the same period last year.

Gilat’s adjusted earnings per share (EPS) for Q3 FY23 came in at $0.08, exceeding the consensus estimate of $0.04. The company also revealed that it currently holds a total of $100.3 million in cash and equivalents.

CEO Adi Sfadia attributed the successful financial performance to the growing interest in Gilat’s solutions and advancements in the satellite communications industry as a whole. The company remains optimistic about its future prospects and has adjusted its outlook for the fiscal year ending 2023.

Gilat has revised its revenue guidance to a range of $265 million to $275 million, down from the previous range of $265 million to $285 million. However, the consensus estimate stands at $270.42 million. The company has raised its operating income guidance to a range of $29 million to $31 million, up from $18 million to $22 million. Additionally, Gilat has increased its adjusted EBITDA guidance to a range of $35 million to $37 million, previously $33 million to $37 million.

As of the last check on Tuesday, Gilat’s shares (GILT) were down 8.1% to $5.90.

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