Business
Aviat Networks Announces Fiscal 2024 Second Quarter and Six Month Financial Results, Increases Full Year Guidance
Total Revenue of $95.0 million; Up 4.8% Year-Over-Year Gross Margin of 38.8%; Up 330 basis points Year-Over-Year Operating Income of $5.0 million; Non-GAAP
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $95.0 million; Up 4.8% Year-Over-Year\nGross Margin of 38.8%; Up 330 basis points Year-Over-Year\nOperating Income of $5.0 million; Non-GAAP Operating Income of $12.6 million\nAdjusted EBITDA of $13.7 million; Up 6.5% Year-Over-Year\nAUSTIN, Texas, Feb. 6, 2024 /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 second quarter ended December 29, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights\nContinued year-over-year growth in quarterly revenues and gross marginsAchieved 14th consecutive quarter of growth in both revenue and Adjusted EBITDA on a trailing twelve-month basisClosed acquisition of NEC Corporation's wireless transport business and progressed integrationDelivered record first half revenue in the Aviat StoreShipped first 11 GHz Ultra-High Power radio to capture upgrade opportunity driven by 6 GHz interference riskSecond Quarter Financial Highlights\nTotal Revenues: $95.0 million, up 4.8% from the same quarter last yearGAAP Results: Gross Margin 38.8%; Operating Expenses $31.8 million; Operating Income $5.0 million; Net Income $2.9 million; Net Income per diluted share (\"Net Income per share\") $0.24Non-GAAP Results: Adjusted EBITDA $13.7 million; Gross Margin 38.8%; Operating Expenses $24.3 million; Operating Income $12.6 million; Net Income $11.9 million; Net Income per share $0.97Cash and cash equivalents: $45.9 million; Debt net of Cash: $3.6 million\"This quarter was significant for Aviat Networks in many ways. We executed on revenue and gross margin growth and reached a record adjusted EBITDA margin. Aviat also closed its transformational acquisition of the NEC Wireless business, which we now refer to as 'Pasolink'\" said Pete Smith, President and Chief Executive Officer of Aviat Networks.\nMr. Smith continued, \"Integration of Pasolink is ahead of our plan. We have introduced the Aviat Operating Model to the business to improve the customer experience and achieve a stronger and more profitable business for Aviat. We look forward to proving the value of the Aviat Operating Model in the Pasolink business in the quarters ahead.\"\nFiscal 2024 Second Quarter and Six Months Ended December 29, 2023 \nRevenuesThe Company reported total...