Aviat Networks (AVNW) Tops Q4 EPS by 48c, Revenues Miss

Aviat Networks (NASDAQ: AVNW) reported Q4 EPS of $0.75, $0.48 better than the analyst estimate of $0.27. Revenue for the quarter came in at $62.7 million versus the consensus estimate of $64.12 million.

Pete Smith, Aviat Networks' President and Chief Executive Officer stated, "Despite COVID-19, we achieved an annual Adjusted EBITDA of $13.5 million, which exceeded the top end of our Adjusted EBITDA guidance of $11-$12 million, and increased over 50% from $8.8 million for fiscal 2019. I want to extend my appreciation to our customers, suppliers and employees who helped us achieved such strong financial results during this challenging time."

In the fiscal 2020 fourth quarter, Aviat announced the addition of partners to expand our reach, new customer wins, the launch of an important new software offering, frequency assurance software (FAS) to improve network reliability, and we continued to execute on our previously announced restructuring. This progress sets the stage for the future.

Smith continued, "As we look forward to fiscal 2021, we are expecting both Adjusted EBITDA and revenue to grow compared to fiscal 2020. We also expect to see the benefits from our strategic focus including new products such as FAS, our focus on improved reach and adding new customers and our previously announced cost-savings initiatives. We are well-positioned for demand from 5G mobile, mission critical networks and rural broadband."

For earnings history and earnings-related data on Aviat Networks (AVNW) click here.

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