Business
Aviat Networks Announces Fiscal 2024 Third Quarter and Nine Month Financial Results
Total Revenue of $111.6 million; Up 33.7% Year-Over-Year Adjusted EBITDA of $12.0 million; Up 11.1% Year-Over-Year Cash from Operations of $15.3 million in
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $111.6 million; Up 33.7% Year-Over-Year\nAdjusted EBITDA of $12.0 million; Up 11.1% Year-Over-Year\nCash from Operations of $15.3 million in current quarter, $22.2 million year-to-date\nAUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Aviat Networks, Inc. (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2024 third quarter ended March 29, 2024.\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights\nGrew core Aviat revenue by 7%, driven by strong international sales and private network growthAchieved 15th consecutive quarter of growth in both revenue and Adjusted EBITDA on a trailing twelve-month basisGenerated positive free cash flow in the quarter from both the core Aviat and Pasolink businessesSecured first India microwave backhaul radio orders adding an addressable segment of $200 millionThird Quarter Financial Highlights\nTotal Revenues: $111.6 million, up 33.7% from the same quarter last yearGAAP Results: Gross Margin 32.7%; Operating Expenses $31.5 million; Operating Income $5.0 million; Net Income $3.4 million; Net Income per diluted share (\"Net Income per share\") $0.27Non-GAAP Results: Adjusted EBITDA $12.0 million; Gross Margin 35.2%; Operating Expenses $28.5 million; Operating Income $10.8 million; Net Income $9.4 million; Net Income per share $0.73Net cash and marketable securities: $59.2 million; cash net of debt: $10.2 million\"This quarter Aviat achieved continued organic revenue and profitability growth,\" said Pete Smith, President and Chief Executive Officer of Aviat Networks. \"We focused on our customers' needs and maintained discipline on our costs.\"\nMr. Smith continued, \"The company continues to integrate the recently acquired Pasolink business. We are currently ahead of plan from a profitability and cash flow standpoint and are set to exceed our planned internal rate of return for the acquisition.\"\nFiscal 2024 Third Quarter and Nine Months Ended March 29, 2024 \nRevenuesThe Company reported total revenues of $111.6 million for its fiscal 2024 third quarter, compared to $83.5 million in the fiscal 2023 third quarter, an increase of $28.1 million or 33.7%. North America revenue of $44.4 million decreased by $(1.7) million or (3.6)%, compared to $46.1 million in the p...