Business
Aviat Networks Announces Fiscal 2024 First Quarter Financial Results
Total Revenue of $87.6 million; Up 7.8% Year-Over-Year GAAP Operating Income of $5.5 million; Up 41.8% Year-Over-Year Adjusted EBITDA of $12.1 million; Up
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $87.6 million; Up 7.8% Year-Over-Year\nGAAP Operating Income of $5.5 million; Up 41.8% Year-Over-Year\nAdjusted EBITDA of $12.1 million; Up 13.1% Year-Over-Year\nOperating Cash Flows of $14.0 million\nAUSTIN, Texas, Nov. 1, 2023 /PRNewswire/ -- Aviat Networks, Inc. (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), (Nasdaq: AVNW), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2024 first quarter ended September 29, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights\nExecuted on key long-term strategic objectives resulting in continued year-over-year growth in quarterly revenues, gross margins, net income and non-GAAP Adjusted EBITDA.Strong cash generation in the quarter; cash on hand of $35.5 million versus $22.2 million last quarterRecord Q1 bookings in North AmericaFirst Quarter Financial Highlights\nTotal Revenues: $87.6 million, up 7.8% from the same quarter last yearNorth America: $55.5 million, up 13.6% from the same quarter last yearInternational: $32.1 million, down (1.1)% from the same quarter last yearGAAP Results: Gross Margin 36.4%; Operating Expenses $26.3 million; Operating Income $5.5 million; Net Income $4.0 million; Net Income per diluted share (\"Net Income per share\") $0.34Non-GAAP Results: Adjusted EBITDA $12.1 million; Gross Margin 36.6%; Operating Expenses $21.3 million; Operating Income $10.7 million; Net Income $10.3 million; Net Income per share $0.87Net Cash: $35.5 million; no loans outstanding at quarter-end\"This was another successful quarter of revenue growth and expanding profitability in the business\" said Pete Smith, President and Chief Executive Officer of Aviat Networks. \"In the first quarter of fiscal 2024, we had a record bookings quarter in our North American private networks business.\"\nMr. Smith continued, \"Our strong results are a testament to the Aviat Operating Model. We've been able to continue to grow the top and bottom lines because of the team's focus on disciplined execution and continuous improvement. The Aviat Operating Model will remain a critical framework for us achieving our short and long-term goals.\"\nFiscal 2024 vs. Fiscal 2023 First Quarter Comparison\nRevenuesThe Company reported total revenues of $87.6 million for its fiscal 2024 first quarter, compared to $81.3 million in the fiscal 202...