Gilat Satellite Networks Ltd (NASDAQ:GILT) reported fiscal first-quarter 2024 revenue growth of 29% year-on-year to $76.08 million, missing the analyst consensus estimate of $77.10 million.

Adjusted EPS of $0.11 beat the analyst consensus estimate of $0.06.

Adjusted operating income was $6.6 million versus $5.3 million a year ago. The GAAP operating income was $5.4 million, compared with $7.0 million Y/Y.

Gilat held $105.1 million in cash and equivalents as of March 31, 2024.

Adi Sfadia, Gilat's CEO, commented: "Our revenue growth was driven by solid organic growth in both our Satellite Networks and our Network Infrastructure and Services segments, as well as a full quarter of contribution from Datapath, the defense communications business we acquired in November of last year.

FY24 Outlook: Gilat reiterated revenue of $305 million-$325 million versus a consensus of $315.20 million.

The company maintained operating income of $15 million – $19 million and adjusted EBITDA of $40 million – $44 million.

Price Action: GILT shares were down 0.89% to $5.54 at last check Wednesday.