Business
Aviat Networks Announces Fiscal 2019 Third Quarter and Nine-Month Financial Results; Provides Update to Its Fiscal 2019 Full Year Outlook
MILPITAS, Calif., May 13, 2019 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), ("Aviat Networks" or the "Company"), the leading expert in wireless
About this update from Aviat Networks, Inc.
[{"type":"text","content":"MILPITAS, Calif., May 13, 2019 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), (\"Aviat Networks\" or the \"Company\"), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2019 third quarter and nine months ended March 29, 2019.\n\"As indicated in our release last week, our fiscal 2019 third quarter results were impacted by a component shortage in North America, which has since been corrected, and a slowdown in spending in Africa. However, our outlook for the fiscal fourth quarter and fiscal year remains strong. North America continues to be an area of growth and fuels our optimism over the coming years. Internationally, we are adjusting our near-term outlook for Africa and transitioning our business model accordingly. Asia continues to grow as evidenced by our third quarter and year-to-date results, and we expect this momentum to continue.\"\n\"As we've seen for the past several years, our business can fluctuate quarter to quarter. With that said, over a two-quarter period, you can see more stability and for the third year in a row, profitability has improved. We have also returned Aviat to growth over the past two years and expect to be in position to improve our operations in the coming year. We continue to drive innovation in our product offering and expand our services, resulting in new business and future opportunities, both in the private network and service provider segments. We also anticipate further improvements to our balance sheet and feel confident in our ability to enhance shareholder value.\"\nFiscal 2019 Third Quarter and Nine-Month Results Comparisons\nRevenue Comparisons:\nThe Company reported total revenue of $54.0 million for its fiscal 2019 third quarter as compared to $62.1 million in the comparable fiscal 2018 period. The year-over-year change was due to a $3.2 million decline in North America revenue, with the majority related to a component shortage which has since been corrected, and a $4.9 million decline in international revenue, primarily due to lower spending in Africa, and offset by an increase in revenue primarily in the Asia region.\nFor the nine-month period in fiscal 2019, the Company reported total revenue of $179.6 million, roughly in line with the comparable fiscal 2018 period. The year-over-year change for the nine-month period was prima...