Gilat Satellite Networks Ltd., a global leader in satellite networking technology, solutions, and services, has announced its unaudited third-quarter results for 2023. In this quarter, the company reported revenues of $63.9 million, marking a 6% growth compared to the same period in 2022 when revenues were $60.4 million.
The GAAP operating income for the third quarter of 2023 was $12.7 million, a significant increase from $3.4 million in the third quarter of 2022. It is important to note that the GAAP operating income for this quarter includes one-time other income, net, of $7.4 million related to a settlement of legal proceedings in the Philippines and a real estate sale in Bulgaria.
Gilat also reported a non-GAAP operating income of $6.1 million, which is a 40% increase compared to $4.4 million in the third quarter of 2022. The GAAP net income for this quarter was $10.2 million, or $0.18 per diluted share, compared to $2.1 million, or $0.04 per diluted share, in the same period last year.
Overall, the company demonstrated strong financial performance in the third quarter of 2023, with both GAAP and non-GAAP operating income showing significant growth. Gilat is committed to its position as a global leader in satellite networking technology and continues to provide innovative solutions and services to its customers worldwide.
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