MIDDLETOWN – KVH Industries Inc. reported a $4 million profit in the third quarter, a rise from a $500,000 loss one year prior, the company said Thursday.
Earnings per diluted share were 22 cents in the quarter, compared with a loss per share of 3 cents one year prior.
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Company revenue totaled $43 million, a rise from $41.1 million one year prior.
KVH, headquartered in Middletown, designs and manufactures mobile connectivity products and provides services for marine and land mobile uses.
The company’s product sales totaled $15.2 million in the quarter, a decline from $16.7 million one year prior. Service sales totaled $27.7 million, an increase from $24.5 million one year prior.
“KVH recorded another strong quarter, reflecting our success in implementing our strategic priorities. Our VSAT product line set a record for units shipped in the third quarter of any year, driven largely by new AgilePlans subscriptions and our successful TracPhone V30 launch,” said CEO Martin Kits van Heyningen, “Airtime revenue, a function of prior shipments, continued to grow at double-digit rates over last year, and gross margin remained stable as we added network capacity for our expanding mini-VSAT Broadband HTS subscriber base.”
The company said that it continued to experience supply chain disruptions, pushing some booked orders to the fourth quarter.
Kits van Heyningen said that the company is also working to transition legacy VSAT airtime subscribers to its HTS network as it prepares to exit its legacy network by year-end.
