Aviat Networks Inc (AVNW, Financial), a leading expert in wireless transport solutions, released its earnings report for the first quarter of fiscal 2024 on November 1, 2023. The company reported a year-over-year growth in quarterly revenues, gross margins, net income, and non-GAAP Adjusted EBITDA, reflecting its successful execution of key long-term strategic objectives.
Financial Performance Highlights
Aviat Networks Inc (AVNW, Financial) reported total revenues of $87.6 million in Q1 Fiscal 2024, marking a 7.8% increase from the same quarter last year. The company's GAAP operating income rose by 41.8% year-over-year to $5.5 million, while its Adjusted EBITDA increased by 13.1% year-over-year to $12.1 million.
Aviat Networks Inc (AVNW, Financial) also reported strong cash generation in the quarter, with cash on hand of $35.5 million, up from $22.2 million in the previous quarter. The company had no loans outstanding at the end of the quarter.
Commentary from the CEO
This was another successful quarter of revenue growth and expanding profitability in the business,” said Pete Smith, President and Chief Executive Officer of Aviat Networks. “In the first quarter of fiscal 2024, we had a record bookings quarter in our North American private networks business.”
Financial Tables Summary
The company's financial tables reveal a GAAP net income of $4.0 million in the fiscal 2024 first quarter, compared to a GAAP net loss of $(2.7) million in the fiscal 2023 first quarter. On a non-GAAP basis, the company reported net income of $10.3 million, compared to non-GAAP net income of $8.8 million in the prior year.
The balance sheet highlights show the company reported $35.5 million in cash as of September 29, 2023, compared to $22.2 million as of June 30, 2023. As of September 29, 2023, the company had no loans outstanding.
Outlook for Fiscal 2024
Aviat Networks Inc (AVNW, Financial) reaffirmed its fiscal 2024 full-year revenue and Adjusted EBITDA guidance. The company expects full-year revenue to be between $367 and $374 million and full-year Adjusted EBITDA to be between $51.0 and $56.0 million.
Investors and interested parties can access the company's conference call discussing its financial and operational results via the webcast through Aviat Network's Investor Relations website.
Explore the complete 8-K earnings release (here) from Aviat Networks Inc for further details.
