TAMPA, Fla. — KVH Industries, the U.S. maritime satellite-connectivity specialist, expects clear sailing ahead after growing quarterly revenues despite shaky seas for cruise ships.
KVH said cost-containment measures, and strong sales of its TACNAV tactical navigation products to military customers increasingly worried about GPS resiliency, delivered one of its strongest fourth-quarter results from continuing operations in the past five years.
Total revenues surged 4% to $44.1 million for the fourth quarter of 2020, compared with the corresponding period in 2019.
Sales of TACNAV, KVH’s line of battlefield navigation systems that allow militaries to position ground vehicles even if GPS signals are disrupted or jammed, increased $3.7 million to $7.2 million, offsetting declines elsewhere in its inertial navigation division. Overall, inertial navigation sales increased 13% to $14.2 million.
Net sales for KVH’s mobile connectivity segment remained flat at $29.9 million for the three months ending Dec. 31. Although revenue for mini-VSAT broadband airtime increased 6% year-over-year to $20.3 million, content service and product sales fell amid the ongoing shutdown of cruise ship operations.
For the full year, adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, increased more than $7 million to $3.1 million, compared with a $4.2 million ...