Business
Ceragon Reports 11% Growth in Third Quarter of 2023, Narrows Full-Year Guidance Range, Raising Midpoint
Company Generates $3.4 Million in GAAP Net Income and $10.8 Million in Positive Free Cash Flow ROSH HA'AIN, Israel, Nov. 6, 2023 /PRNewswire/ -- Ceragon
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Company Generates $3.4 Million in GAAP Net Income and $10.8 Million in Positive Free Cash Flow\nROSH HA'AIN, Israel, Nov. 6, 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 third quarter and nine months ended September 30, 2023.\n\nQ3 2023 Financial Highlights:\nRevenues of $87.3 million, up 10.9% year-over-yearOperating income of $6.7 million on a GAAP basis, or $8.0 million on a non-GAAP basisEPS of $0.04 per diluted share on a GAAP basis, or $0.06 per diluted share on a non-GAAP basisQ3 2023 Business Highlights:\nAnnounced the definitive agreement to acquire Siklu to expand presence in North America, increasing market share in mmW and augmenting Ceragon's offering with Fixed Wireless AccessNorth America:- Record bookings, supported by continued strength in 5G rollout and expanded presence with private network customers- Third consecutive quarter of revenues exceeding $20 million India:- Strongest region in terms of revenue, with record quarterly revenue since Q2 2018 Doron Arazi, CEO, commented: \"Ceragon continues to expand its addressable market and diversify its customer base, bolstering our already durable competitive position as a leader in one of the growing parts of the telecommunications sector. Continued strong demand in India and North America drove our growth, and we are successfully broadening our position with private networks and smaller Communication Service Providers, adding 20 new customers in this segment since the beginning of the year, to expand our revenue opportunity and further diversify our customer portfolio. The pending acquisition of Siklu is expected to accelerate this trend, adding incremental revenue with key growth customers.\"\n\"While the Siklu acquisition has not closed yet, Ceragon and Siklu teams are already working on integration plans, and our expectation both in terms of timing and for operational and financial synergies has not changed,\" added Mr. Arazi. \"We continue to view this pending acquisition as strategic, strengthening our end-to-end offering, expanding our position in key growth areas and enabling significant cross-selling opportunities.\"\n\"With our improved collections, we generated more than $10 million from operations and investing activit...