Business
Ceragon Reports 17.7% Increase in Quarterly Revenue, GAAP EPS of $0.14 Per Share in the Third Quarter
Revenue Diversification, Expense Management, Enable Consistent Profitability; Management Reiterates Midpoint of Full-Year 2024 Outlook ROSH HA'AIN, Israel,
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Revenue Diversification, Expense Management, Enable Consistent Profitability;\nManagement Reiterates Midpoint of Full-Year 2024 Outlook \nROSH HA'AIN, Israel, Nov. 13, 2024 /PRNewswire/ -- Ceragon (NASDAQ: CRNT), a leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the third quarter period ended September 30, 2024.\n\nQ3 2024 Financial Highlights:\nRevenues of $102.7 millionOperating income of $14.6 million on a GAAP basis, or $15.8 million on a non-GAAP basisNet Income of $12.2 million on a GAAP basis, and net income of $14.1 million on a non-GAAP basisEPS of $0.14 per diluted share on a GAAP basis, or $0.16 per diluted share on a non-GAAP basisQ3 2024 Business Highlights:\nIndia:- All-time record quarterly revenues.- Expanding pipeline of customer opportunities- Increasing revenue diversification- Continued ramp up in deliveries for new IP-50CX productNorth America:- Seven consecutive quarters of revenue above $20 million- Completed City of Cincinnati extended project with high customer satisfaction, creating more opportunities through proactive referencesDoron Arazi, CEO, commented: \"Ceragon delivered double-digit year-over-year revenue growth, driven by strong results from India and North America. We are reiterating our full-year outlook based on our year-to-date results and current visibility into the fourth quarter, narrowing the range and preserving the midpoint. We continue to see a healthy funnel of opportunities in the private networks' domain, primarily in North America, and demand in India has remained strong, as we grow our presence in multiple accounts, driving revenue diversification and giving us continued confidence in expected future business.\"\n\"Simultaneously, we are converting incremental revenue into expanded profitability,\" continued Mr. Arazi. \"Our non-GAAP operating profit, excluding the benefit of the collection of prior bad debt, increased approximately 35% year-over-year. Accordingly, our non-GAAP operating margin, again excluding this benefit, improved by approximately 130 basis points year-over-year, exceeding 10% and demonstrating the growing leverage we have built into our business model. Additionally, we generated more than $10 million in free cash flow in the third quarter, enabling us to bolster our balance sheet.\"\nPrimary Third Quart...