Business
Ceragon Networks Reports 22% Growth in Second Quarter and Raises Full Year Guidance
Company Generates $2.1 Million in GAAP Net Income and Positive Free Cash Flow Raises Full Year Revenue Outlook to $334 - $348 Million ROSH HA'AIN, Israel,
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Company Generates $2.1 Million in GAAP Net Income and Positive Free Cash Flow\nRaises Full Year Revenue Outlook to $334 - $348 Million\nROSH HA'AIN, Israel, August 1, 2023 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the global innovator and leading solutions provider of 5G wireless transport, today reported its financial results for the second quarter and six months ended June 30, 2023.\n \n \nQ2 2023 Financial Highlights:\nRevenues of $86.2 millionOperating income of $5.7 million on a GAAP basis, or $7.4 million on a non-GAAP basis; The non-GAAP operating income excludes an $0.9 million restructuring charge related to European operations.EPS of $0.02 per diluted share on a GAAP basis, or $0.05 per diluted share on a non-GAAP basisQ2 2023 Business Highlights:\nBook-to-bill above 1 on a quarterly and trailing 12-month basisCeragon won a multi-year contract worth up to $4.2 million with the City of Cincinnati to upgrade its public safety network North America:- Nearly matched India in Q2 bookings, with bookings increasing nearly 10% sequentially compared to Q1- Continued strong revenue in Q2 India:- Strongest region in terms of Q2 bookings and revenue- Strong demand for ongoing 4G network and 5G network rolloutsDoron Arazi, CEO, commented: \"Ceragon delivered strong double digit year-over-year revenue growth, margin expansion and solid profitability in the second quarter. During the quarter, we again recorded bookings that exceeded our revenue levels which improved our visibility into the third quarter and strengthened our confidence for the full year. We have not seen any signs of a slowdown or changes in demand across our customer base and remain focused on our operational execution as well as efforts to enhance our product portfolio including new product line based on system-on-a-chip technology.\"\n\"Demand in key geographies remains robust, and we continue to deliver solid execution,\" Arazi added. \"Our year-to-date performance and improved visibility into the third quarter has given us the confidence to increase our full-year guidance and narrow the range to increase the midpoint.\"\nPrimary Second Quarter 2023 Financial Results:\nRevenues were $86.2 million, up 21.9% from $70.7 million in Q2 2022 and up 3.3% from $83.4 million in Q1 2023.\nGross profit was $30.4 million, giving us a gross margin of 35.2%, compare...