Gilat Shares Drop Premarket On Q2 Revenue Miss; Reiterates FY22 Outlook - Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks Ltd GILT reported second-quarter FY22 revenue growth of 1.2% year-on-year to $55.45 million, missing the consensus of $56.24 million.
Non-GAAP operating income was $2.4 million versus $0.1 million a year ago.
Non-GAAP EPS of $0.03 beat the consensus loss of $(0.01).
Gilat held $71.4 million in cash and equivalents.
CEO Adi Sfadia said, "This was an exceptional quarter with significant multimillion-dollar orders for Gilat's next-generation platform, SkyEdge IV. We expanded the global strategic relationships with our partners, the satellite operators, SES and Intelsat, and are competing on important GEO VHTS opportunities in our pipeline with additional major satellite operators."
Outlook: Gilat reiterated FY22 revenue forecast of $245 million - $265 million (consensus $254.86 million).
Price Action: GILT shares traded lower by 1.39% at $7.08 in the premarket on the last check Tuesday.