Ceragon Networks(US:CRNT) Prnewswire·2024-11-13 12:00Core Insights - Ceragon reported strong financial results for Q3 2024, with revenues of $102.7 million, marking a 17.7% increase year-over-year and a 6.9% increase from Q2 2024 [1][2] - The company achieved a GAAP operating income of $14.6 million and a net income of $12.2 million, reflecting significant growth compared to the same period last year [1][2] - Management reiterated its full-year 2024 revenue outlook, projecting revenues between $390 million and $400 million, which represents a growth of 12% to 15% compared to 2023 [3] Financial Performance - Q3 2024 revenues were $102.7 million, up from $87.3 million in Q3 2023 and $96.1 million in Q2 2024 [2] - GAAP operating income increased to $14.6 million from $6.7 million in Q3 2023 and $10.4 million in Q2 2024 [2] - Non-GAAP net income for Q3 2024 was $14.1 million, or $0.16 per diluted share, compared to $3.4 million, or $0.04 per diluted share in Q3 2023 [2][3] Geographic Revenue Breakdown - In Q3 2024, revenue distribution was as follows: India 49%, North America 24%, EMEA 14%, Latin America 7%, and APAC 6% [2] - India achieved record quarterly revenues, contributing significantly to the overall growth [2] - North America maintained strong performance with seven consecutive quarters of revenue above $20 million [2] Operational Highlights - The company reported a non-GAAP operating profit increase of approximately 35% year-over-year, with non-GAAP operating margins exceeding 10% [2] - Ceragon generated over $10 million in free cash flow during Q3 2024, enhancing its balance sheet [2] - The company is focusing on revenue diversification and expanding its customer base, particularly in private networks [2] Future Outlook - Management expects non-GAAP operating margins to be at least 10% at the midpoint of the revenue guidance for 2024 [3] - The company anticipates increased non-GAAP profit and positive free cash flow for the full year of 2024 [3]