Gilat Satellite Networks up after beating Wall Street Q3 profit views

Gilat Satellite Networks Ltd. (Nasdaq: GILT) shares are rising after the Israel-based company reported third-quarter profits of $5.9 million, or $0.14 per share, above analyst estimates of $0.12 per share and compared with $2.7 million, or $0.11 per share, a year earlier.

The satellite networking firm reported third-quarter revenue of $71.5 million, below Wall Street estimates of $72 million and from $63.8 million during the same period of 2006.

"During the third quarter we continued to experience strong growth in revenues and profits with revenues increasing by 12% year-over-year,” CEO Amiram Levinberg said in a statement. “The quarter was highlighted by enhanced activity in the government sector—one of our major areas of focus."

In morning trading, GILT shares are up 4.03%, or $0.42, at $10.83. Over the last 52 weeks, shares have ranged from $7.79 to $11.34.

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