KVH Industries posts $16M loss in 2019

KVH INDUSTRIES lost $16 million in 2019. / COURTESY KVH INDUSTRIES
KVH INDUSTRIES lost $16 million in 2019. / COURTESY KVH INDUSTRIES

PROVIDENCE – KVH Industries Inc. posted a $16 million loss in 2019, or 92 cents per diluted share, the company reported Friday.

The company, which manufactures high-performance sensors and integrated inertial systems for the defense and commercial markets, lost $11.4 million in 2018, or 67 cents per diluted share.

Revenue for the company in 2019 was $157.9 million, an increase from $153 million one year prior. Service revenue for 2019 increased 6.9% year over year to $96 million. Product revenue totaled $61.9 million, a 2.1% decline year over year.

In the fourth quarter, KVH had a $3.5 million loss, compared with a $1.8 million loss one year prior. Company revenue for the quarter was $42.5 million, an increase from $39.7 million in the fourth quarter of 2018.

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“Our core business and strategic plan delivered according to our expectations in the fourth quarter. Our AgilePlans program continues to drive growth in our airtime revenue and subscriber base, with our subscriber base increasing 11% compared to the end of last year,” said KVH CEO Martin Kits van Heyningen. “Not only did our AgilePlans revenue increase 78% compared to the fourth quarter of 2018, but it increased 9% compared to the third quarter of this year and 33% compared to the second quarter. In addition, we saw a 5% increase in FOG sales this quarter, an encouraging sign after several quarters of relatively flat sales for this key product group. Our TACNAV sales were also encouraging, growing $1.9 million, or 119%, compared to the fourth quarter of last year.”

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