MIDDLETOWN – KVH Industries Inc. set new revenue and profit records in the first quarter as demand nearly doubled for its fiber-optic gyros, which assist in navigation.
KVH posted a profit of $2.07 million, or 14 cents per diluted share, in the three months ended March 31, compared with a net loss of $2.56 million, or 18 cents per diluted share, a year earlier. Revenue rose 53 percent to $27.98 million.
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“I am very pleased with our performance during the first quarter,” KVH CEO Martin Kits van Heyningen said in a statement. “These results were driven by strong contributions from our strategic initiatives in fiber-optic gyros and global satellite communications.”
KVH’s revenue from defense orders jumped 65 percent to $11.9 million in the first quarter compared with a year earlier, led by a surge in fiber-optic gyro orders of 95 percent to $9.3 million.
Mobile communications revenue from marine, land and air products rose 45 percent compared with last year to $16.1 million.
Chief Financial Officer Patrick Spratt said the company’s first-quarter performance was “very strong,” with sales in each business area “generally in line with, or above, our expectations.” The company remains cautious about forecasts due to weak market visibility, he said.
Kits van Heyningen also took the opportunity to extol KVH’s mini-VSAT broadband service, which continues to expand. “I am proud to say that KVH now offers the only multi-megabit broadband service for ships and planes that encircles the globe,” he said.
Additional information is available at kvh.com.
