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Ceragon Networks Reports First Quarter 2019 Financial Results
LITTLE FALLS, New Jersey, May 6, 2019 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today reported results for
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"LITTLE FALLS, New Jersey, May 6, 2019 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today reported results for the first quarter ended March 31, 2019. \nFirst Quarter 2019 Highlights \nRevenues - $69.2 million, down 16.9% from the first quarter of 2018, and down 19.3% from the fourth quarter of 2018. \nGross margin - 35.6%, compared to 33.1% in the first quarter of 2018 and 34.4% in the fourth quarter of 2018. \nOperating income - $3.2 million, compared to $5.4 million in the first quarter of 2018 and $6.5 million in the fourth quarter of 2018. \nNet income - net income of $0.8 million, or $0.01 per diluted share for the first quarter of 2019. Net income for the first quarter of 2018 was $2.1 million, or $0.03 per diluted share. Net income for the fourth quarter of 2018 was $11.6 million or $0.14 per diluted share.\nNon-GAAP results - gross margin was 35.7%, operating income was $3.7 million, and net income was $2.1 million, or $0.03 per diluted share. For reconciliation of GAAP to non-GAAP results, see the attached tables.\nCash and cash equivalents - $29.8 million at March 31, 2019, compared to $35.6 million at December 31, 2018.\n\"As we expected, first quarter results were low due to the timing of large orders from India, in addition to typical seasonal factors,\" said Ira Palti, president and CEO of Ceragon. \"We continue to experience a high level of customer activity around the world resulting from the ongoing expansion of 4G and the beginning of the transition to 5G. This high level of customer activity, together with our expectation that we will receive a batch of large orders in Q2 related to ongoing deployments in India, causes us to believe that our quarterly revenue during the balance of 2019 is likely to be at or above the high end of our $80 to $85 million quarterly revenue run rate. Thus, we continue to expect overall revenue for 2019 to be similar to that of 2018. We are also continuing to target in 2019 a 5th consecutive year of growth in our non-GAAP net income, based on our expectation to higher gross margin from a more favorable geographic mix of revenue as well as lower financial expenses compared to 2018.\"\nSupplemental revenue breakouts by geography:\nFirst quarter 2019:\nA conference call to discuss the results will begin at 9:00 a.m. EDT. Investors are invit...