UPDATE: KVH Industries Beats Q4 Views, Shares Gain After-Hours

Shares of

rose more than 5% in after-hours trading after the company reported stronger-than-expected financial results for the fourth quarter ended December 31, 2014. The Middletown, Rhode Island-based company posted quarterly net income of $1.0 million, or $0.06 per share, versus a year-ago net loss of $0.4 million, or $(0.02) per share. Non-GAAP net income surged to $0.29 per share from $0.06 per share. Its revenue climbed 29% y/y to$50.4 million in the fourth quarter. However, analysts were expecting earnings of $0.12 per share on revenue of $48.94 million. Its product revenue gained 34% y/y to $25.3 million, while service revenue surged 25% to $25.2 million. Airtime service revenue gained 14% y/y, while content and services revenue rose 44% in the fourth quarter. Adjusted EBITDA jumped $7.4 million in the fourth quarter, up from $2.4 million in the year-ago period. "We delivered a strong finish to fiscal 2014 which led to top line performance at the high end of our fourth quarter guidance range," said Martin Kits van Heyningen, KVH's chief executive officer. "The investments we've made across our business to develop innovative solutions continued to bear fruit during the fourth quarter." For the first quarter, KVH Industries expects non-GAAP earnings of $0.03 to $0.07 on revenue of $40 million to $44 million. For the full year, the company projects non-GAAP earnings of $0.81 to $0.91 per share on revenue of $190 million to $210 million. KVH Industries shares jumped 5.90% to $13.99 in after-hours trading.