MIDDLETOWN – KVH Industries Inc. reported a loss of $3.9 million for the first quarter of 2018 Friday, $1 million less than its 2017 first-quarter loss.
The manufacturer of mobile satellite communications, guidance and stabilization equipment reported a quarterly loss per diluted share of 23 cents, compared with 30 cents at this time last year.
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Revenue for the quarter totaled $40.1 million, a slight tick down from the company’s 2017 Q1 $40.2 million revenue.
The company said product revenue fell primarily due to a decline in mobile connectivity sales, specifically in the company’s marine product sales. This sales decline was partially offset by a $1.1 million increase in inertial navigation product sales. KVH’s service revenues increased 3 percent in the quarter to $26.1 million.
Chris Bergenheim is the PBN web editor.
