Thursday, KVH Industries, Inc. (KVHI), reported a profit for the third quarter from a loss last year, reflecting a rise in the its defense-related guidance and stabilization revenue. Looking ahead, the company issued outlook for the fourth quarter.
The Middletown, Rhode Island-based company's net income was $385 thousand or $0.03 per share compared with a net loss of $812 thousand or $0.06 per share in the prior year period.
On average, 3 analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
"We are realizing the benefits from our strategic growth plans that focused on fiber optic gyros and maritime communications, which enabled us to post solid growth despite the larger economic challenges," Martin Kits van Heyningen, chief executive officer said.
Net sales for the quarter increased to $22.64 million from $15.74 million in the year earlier period. Analysts had estimated revenues of $21.92 million for the third quarter.
While, KVH's defense-related guidance and stabilization revenue rose by 206% year-over-year to $10.6 million, mobile communications revenue was down 2% from the same period last year to $12.0 million.
Total costs and expenses rose to $22.18 million from $16.64 million for the same period last year mainly due to a rise in costs of product sales to $10.66 million from $7.69 million a year-ago.
For the nine months, net loss was $1.98 million or $0.14 per share, compared to net income of $2.75 million or $0.19 per share in the year ago period. Net sales for the period was $62.77 million, up from $61.19 million in the same period last year.
Looking forward, KVH Industries said it expects a fourth quarter net profit in the range of $0.02 - $0.07 per share. Analysts currently anticipate the company to earn $0.03 per share for the fourth quarter.
Thursday, KVHI closed at $10.46, up $0.24 or 2.35%, on a volume of 198.35 thousand on Nasdaq.
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