MIDDLETOWN – KVH Industries Inc. reported a loss of $537,000 in the third quarter, an improvement from a loss of $4.3 million one year prior.
Loss per diluted share was 3 cents, compared with 19 cents one year prior.
Revenue in the third quarter totaled $41.1 million, an increase from $39.3 million one year prior.
“We are very pleased with the progress we made this quarter on all fronts. Notwithstanding the on-going impact of COVID-19, our financial results reflect one of the strongest third quarter reporting periods we have seen in several years,” CEO Martin Kits van Heyningen said in a Thursday news release. “I feel confident in saying that the decisive actions we took at the beginning of the pandemic have helped us to withstand, so far, the uncertainty posed by this global economic situation.”
The company’s product segment reported sales of $16.7 million, a 12.4% increase year over year. The increase was attributed to a $2.7 million gain in inertial navigation product sales, offset by a decrease in mobile connectivity product sales. Service segment revenue remained roughly level at $24.5 million.
