AUSTIN, Texas, May 28, 2024 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW), the leading expert in wireless transport and access solutions, is announcing the appointment of Michael C. Connaway as Senior Vice President and Chief Financial Officer. Mr. Connaway's employment with the Company is effective as of today, and he will serve as the Company's Principal Financial Officer."We are thrilled to welcome Michael to the Aviat team. Given his tremendous track record across multiple industries, end markets, ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q3 2024 Earnings Conference Call May 1, 2024 5:00 PM ET Company Participants Andrew Fredrickson - Director of Corporate Development & Investor Relations Peter Smith - President & Chief Executive Officer David Gray - Senior Vice President & Chief Financial Officer Conference Call Participants Jaeson Schmidt - Lake Street Capital Markets Scott Searle - ROTH Capital Partners Theodore O'Neill - Litchfield Hills Research Tim Savageaux - Northland Capital Markets Operator Good a ...

Aviat Networks, Inc. (AVNW) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.73%. A quarter ago, it was expected that this company would post earnings of $0.94 per share when it actually produced earnings of $0.97, delivering a surprise of 3.19%.Over the last four quarters, the comp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Trading Symbol(s) Name of each exchange on which Registered Common Stock AVNW The Nasdaq Stock Market LLC Preferred Share Purchase Rights The Nasdaq Stock Market LLC For the quarterly period ended March 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SE ...

[Fiscal 2024 Third Quarter Performance Overview](index=1&type=section&id=Fiscal%202024%20Third%20Quarter%20Performance%20Overview) Aviat Networks reported strong year-over-year growth in its fiscal 2024 third quarter, driven by significant international sales and the integration of the Pasolink business [Third Quarter Highlights](index=1&type=section&id=Third%20Quarter%20Highlights) Aviat Networks achieved its 15th consecutive quarter of trailing twelve-month growth in revenue and Adjusted EBITDA, generated positive free cash flow, and secured new orders in the Indian market - Achieved **15th consecutive quarter of growth** in both revenue and Adjusted EBITDA on a trailing twelve-month basis[2](index=2&type=chunk) - Core Aviat revenue grew by **7%**, primarily fueled by strong international sales and expansion in private networks[2](index=2&type=chunk) - Secured inaugural microwave backhaul radio orders in India, opening up an estimated **$200 million addressable market segment**[2](index=2&type=chunk) - The integration of the acquired Pasolink business is progressing ahead of schedule in terms of profitability and cash flow[3](index=3&type=chunk) [Third Quarter Financial Summary](index=1&type=section&id=Third%20Quarter%20Financial%20Summary) For the third quarter of fiscal 2024, Aviat Networks reported total revenues of $111.6 million, a 33.7% increase year-over-year, with Adjusted EBITDA growing 11.1% to $12.0 million Q3 FY2024 Key Financial Metrics (YoY) | Metric | Q3 FY2024 (M) | Q3 FY2023 (M) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $111.6 | $83.5 | +33.7% | | **Adjusted EBITDA** | $12.0 | $10.8 | +11.1% | | **GAAP Net Income** | $3.4 | $4.9 | -30.6% | | **Non-GAAP Net Income** | $9.4 | $8.9 | +5.6% | | **GAAP Net Income per Share** | $0.27 | $0.41 | -34.1% | | **Non-GAAP Net Income per Share** | $0.73 | $0.75 | -2.7% | - The company ended the quarter with **$59.2 million in net cash and marketable securities**, and cash net of debt stood at **$10.2 million**[3](index=3&type=chunk) [Detailed Financial Analysis (Q3 & Nine Months FY2024)](index=1&type=section&id=Detailed%20Financial%20Analysis%20%28Q3%20%26%20Nine%20Months%20FY2024%29) This section provides an in-depth analysis of Aviat Networks' revenue, profitability, net income, EPS, Adjusted EBITDA, balance sheet, and cash flow for Q3 and the nine months of FY2024 [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue for Q3 FY2024 increased by 33.7% to $111.6 million, largely due to a 79.6% surge in international revenue, offsetting a decline in North America Revenue by Geography (Q3 FY2024 vs Q3 FY2023) | Region | Q3 FY2024 Revenue (M) | Q3 FY2023 Revenue (M) | YoY Change | | :--- | :--- | :--- | :--- | | North America | $44.4 | $46.1 | -3.6% | | International | $67.2 | $37.4 | +79.6% | | **Total** | **$111.6** | **$83.5** | **+33.7%** | Revenue by Geography (Nine Months Ended March 2024 vs 2023) | Region | Nine Months FY2024 Revenue (M) | Nine Months FY2023 Revenue (M) | YoY Change | | :--- | :--- | :--- | :--- | | North America | $151.2 | $147.0 | +2.9% | | International | $143.0 | $108.5 | +31.8% | | **Total** | **$294.2** | **$255.4** | **+15.2%** | [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Q3 FY2024 profitability was impacted by the Pasolink acquisition and M&A-related expenses, leading to a decrease in GAAP gross margin and operating income, while non-GAAP measures showed growth [Gross Margin](index=2&type=section&id=Gross%20Margin) Q3 FY2024 GAAP gross margin decreased to 32.7% from 35.7% in the prior year, primarily due to the near-term impact of the Pasolink business acquisition Gross Margin Comparison (Q3 FY2024 vs Q3 FY2023) | Margin Type | Q3 FY2024 | Q3 FY2023 | Basis Point Change | | :--- | :--- | :--- | :--- | | GAAP Gross Margin | 32.7% | 35.7% | -300 bps | | Non-GAAP Gross Margin | 35.2% | 35.9% | -70 bps | [Operating Expenses](index=2&type=section&id=Operating%20Expenses) GAAP operating expenses for Q3 FY2024 rose by 41.0% to $31.5 million, reflecting expanded operations following recent acquisitions Operating Expenses (Q3 FY2024 vs Q3 FY2023) | Expense Type | Q3 FY2024 (M) | Q3 FY2023 (M) | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Operating Expenses | $31.5 | $22.3 | +41.0% | | Non-GAAP Operating Expenses | $28.5 | $20.7 | +37.9% | [Operating Income](index=2&type=section&id=Operating%20Income) GAAP operating income for Q3 FY2024 decreased by 32.9% to $5.0 million due to M&A-related expenses, while non-GAAP operating income increased by 16.2% to $10.8 million Operating Income (Q3 FY2024 vs Q3 FY2023) | Income Type | Q3 FY2024 (M) | Q3 FY2023 (M) | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Operating Income | $5.0 | $7.5 | -32.9% | | Non-GAAP Operating Income | $10.8 | $9.3 | +16.2% | [Net Income and Earnings Per Share (EPS)](index=2&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share%20%28EPS%29) Q3 FY2024 GAAP net income decreased to $3.4 million, or $0.27 per diluted share, while non-GAAP net income increased to $9.4 million, or $0.73 per share Net Income and EPS (Q3 FY2024 vs Q3 FY2023) | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | **GAAP Net Income** | $3.4M | $4.9M | | **GAAP EPS (Diluted)** | $0.27 | $0.41 | | **Non-GAAP Net Income** | $9.4M | $8.9M | | **Non-GAAP EPS (Diluted)** | $0.73 | $0.75 | Net Income and EPS (Nine Months Ended March 2024 vs 2023) | Metric | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | | **GAAP Net Income** | $10.3M | $8.2M | | **GAAP EPS (Diluted)** | $0.84 | $0.69 | | **Non-GAAP Net Income** | $31.6M | $28.8M | | **Non-GAAP EPS (Diluted)** | $2.57 | $2.43 | [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA for Q3 FY2024 increased by 11.1% to $12.0 million, and for the nine-month period, it grew by 10.0% to $37.9 million Adjusted EBITDA Performance | Period | FY2024 (M) | FY2023 (M) | YoY Change | | :--- | :--- | :--- | :--- | | **Third Quarter** | $12.0 | $10.8 | +11.1% | | **Nine Months** | $37.9 | $34.4 | +10.0% | [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) As of March 29, 2024, the company reported strong liquidity with $59.2 million in cash and marketable securities, improving working capital through reduced receivables and inventory - Cash from operations was **$15.3 million** in the current quarter and **$22.2 million** year-to-date[1](index=1&type=chunk) - Accounts receivable and unbilled receivables decreased by **$14.1 million**, and inventory declined by **$10.0 million** in Q3 FY2024[13](index=13&type=chunk) - Total debt was **$48.9 million** as of March 29, 2024, showing a slight decrease of **$0.6 million** from the previous quarter[13](index=13&type=chunk) [Fiscal 2024 Full Year Outlook](index=2&type=section&id=Fiscal%202024%20Full%20Year%20Outlook) Aviat Networks has updated its full-year revenue guidance for fiscal 2024 to between $408 million and $418 million, while maintaining its Adjusted EBITDA forecast [Updated Guidance](index=2&type=section&id=Updated%20Guidance) Aviat Networks updated its full-year fiscal 2024 revenue guidance to $408 million-$418 million, with Adjusted EBITDA remaining at $51.0 million-$56.0 million FY2024 Full Year Guidance | Metric | Guidance Range (M) | | :--- | :--- | | **Full Year Revenue** | $408 - $418 | | **Full Year Adjusted EBITDA** | $51.0 - $56.0 | [Financial Statements and Supplemental Data](index=5&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides detailed financial statements including consolidated statements of operations, balance sheets, non-GAAP reconciliations, and supplemental revenue data by geographical area [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement provides a detailed breakdown of the company's revenues, costs, and expenses, leading to the net income for the third quarter and first nine months of fiscal 2024 Q3 FY2024 Income Statement Highlights (in thousands) | Line Item | Q3 FY2024 (K) | Q3 FY2023 (K) | | :--- | :--- | :--- | | Total Revenues | $111,613 | $83,480 | | Gross Margin | $36,534 | $29,833 | | Operating Income | $5,028 | $7,496 | | Net Income | $3,418 | $4,889 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement presents the company's financial position as of March 29, 2024, detailing assets, liabilities, and stockholders' equity, with a comparison to the fiscal year-end of June 30, 2023 Balance Sheet Highlights (in thousands) | Account | March 29, 2024 (K) | June 30, 2023 (K) | | :--- | :--- | :--- | | Cash and cash equivalents | $58,201 | $22,242 | | Total Assets | $490,343 | $364,496 | | Total Liabilities | $231,836 | $144,398 | | Total Stockholders' Equity | $258,507 | $220,098 | [Reconciliation of Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides a detailed reconciliation of GAAP financial measures to their non-GAAP counterparts, adjusting for various items to offer a clearer view of operational performance Q3 FY2024 GAAP to Non-GAAP Reconciliation (in thousands) | Metric | GAAP (K) | Adjustments (K) | Non-GAAP (K) | | :--- | :--- | :--- | :--- | | **Gross Margin** | $36,534 | $2,776 | $39,310 | | **Operating Income** | $5,028 | $5,776 | $10,804 | | **Net Income** | $3,418 | $5,958 | $9,376 | [Supplemental Schedule of Revenue by Geographical Area](index=9&type=section&id=Supplemental%20Schedule%20of%20Revenue%20by%20Geographical%20Area) This schedule offers a granular view of revenue sources, breaking down total revenue by major geographical regions for both the quarter and nine-month periods Q3 FY2024 Revenue by Geography (in thousands) | Region | Q3 FY2024 (K) | Q3 FY2023 (K) | | :--- | :--- | :--- | | North America | $44,409 | $46,064 | | Africa and the Middle East | $11,401 | $19,235 | | Europe | $6,549 | $3,871 | | Latin America and Asia Pacific | $49,254 | $14,310 | | **Total Revenue** | **$111,613** | **$83,480** | [Other Information](index=3&type=section&id=Other%20Information) This section includes details regarding the conference call for Q3 FY2024 results and the standard forward-looking statements disclaimer [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Aviat Networks scheduled a conference call for May 1, 2024, to discuss Q3 FY2024 results, featuring key executives and a Q&A session - The conference call to discuss Q3 FY2024 results was held on **May 1, 2024, at 5:00 p.m. ET**[15](index=15&type=chunk) - Participants included CEO Peter Smith, CFO David Gray, and Director of Corporate Development Andrew Fredrickson[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains a safe harbor statement, cautioning investors about forward-looking statements subject to risks such as integration challenges, supply chain issues, and global economic conditions - The document includes forward-looking statements regarding outlook, business conditions, and future financial performance[18](index=18&type=chunk) - Key risks that could affect future results include disruption from the NEC transaction, supply chain issues, inflation, and geopolitical conflicts[19](index=19&type=chunk)

Aviat Networks (AVNW) is a Zacks Rank #5 (Strong Sell) as earnings estimates have tracked lower despite a recent earnings beat.  The company is in the wireless network solutions and network management software industry and could be interesting to some investors at these levels. This article will look at why this stock is a Zacks Rank #5 (Strong Sell) as it is the Bear of the Day.DescriptionAviat Networks, Inc., previously known as Harris Stratex Networks, Inc., is a global supplier of wireless network solut ...

Pratchaya Investment Thesis The investment thesis around Aviat Networks (NASDAQ:AVNW) is the attractive valuation and better growth prospects. Traditionally, a company in decline, they have completely turned around and now sport an average revenue growth rate of 13.2% since 2021. This has been instrumental in driving positive operating leverage and below is why I think it will continue. Background AVNW is a global supplier of microwave and wireless access networking solutions. They supply a range of wir ...

Aviat Networks, Inc. (NASDAQ:AVNW) Q2 2024 Earnings Conference Call February 6, 2024 5:00 PM ET Company Participants Andrew Fredrickson - Director of Corporate Development and Investor Relations Peter Smith - President & Chief Executive Officer David Gray - Senior Vice President & Chief Financial Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Scott Searle - Roth Capital Partners, LLC Erik Suppiger - JMP Securities Jaeson Schmidt - Lake Street Capital Markets Dave Kang - B. ...

Company Performance - Aviat Networks, Inc. reported quarterly earnings of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and up from $0.94 per share a year ago, representing an earnings surprise of 3.19% [1] - The company posted revenues of $95.04 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 3.47%, and an increase from year-ago revenues of $90.68 million [1] - Over the last four quarters, Aviat Networks has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [1] Future Outlook - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of the earnings outlook [2][3] - The current consensus EPS estimate for the coming quarter is $0.78 on revenues of $90.75 million, and for the current fiscal year, it is $3.78 on revenues of $372.1 million [4] - The estimate revisions trend for Aviat Networks is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [4] Industry Context - The Wireless Equipment industry, to which Aviat Networks belongs, is currently in the top 39% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [5] - Another company in the same industry, InterDigital, is expected to report quarterly earnings of $1.21 per share, reflecting a year-over-year change of +12%, with revenues anticipated to be $104.31 million, down 10.9% from the previous year [5][6]

Total Revenue of $95.0 million; Up 4.8% Year-Over-Year Gross Margin of 38.8%; Up 330 basis points Year-Over-Year Operating Income of $5.0 million; Non-GAAP Operating Income of $12.6 million Adjusted EBITDA of $13.7 million; Up 6.5% Year-Over-Year AUSTIN, Texas, Feb. 6, 2024 /PRNewswire/ -- Aviat Networks, Inc. ("Aviat Networks," "Aviat," or the "Company"), (Nasdaq: AVNW), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2024 second quarter ended December 29 ...