Aviat Networks (NASDAQ: AVNW) reported Q3 EPS of $0.49, $0.22 better than the analyst estimate of $0.27. Revenue for the quarter came in at $66.4 million versus the consensus estimate of $63 million.

Third Quarter Financial Highlights

• Total Revenues: $66.4 million, +8.2% from same quarter last year
  • North America: $42.0 million, +12.8% from same quarter last year
  • International: $24.4 million, +1.1% from same quarter last year
• GAAP Results: Gross Margin 38.5%; Operating Expenses $21.5 million; Operating Income $4.0 million, Net Income $94.7 million; Net Income per diluted share ("Net Income per share") $8.00
• Non-GAAP Results: Adjusted EBITDA $7.3 million; Gross Margin 38.7%; Operating Expenses $19.7 million; Operating Income $6.0 million; Net Income $5.8 million; Net Income per share $0.49
• Net Cash: $45.8 million, +$2.8 million from prior sequential quarter; No loans outstanding at quarter-end

"This was another successful quarter and the first nine months of fiscal 2021 for Aviat," said Peter Smith, President and Chief Executive Officer of Aviat. "We continued to execute on our key long-term focus areas of sales growth, margin expansion, expense reductions and meaningful bottom-line improvements. We continue to demonstrate Aviat's differentiation in our multi-band transport solution for 5G, Private Networks and Rural Broadband, capturing share of demand and demonstrating the viability of our offering."

Mr. Smith continued, "Our unique, multi-band hardware and software solutions recently led to Aviat being selected by Dish Networks, a U.S.-based Tier 1 5G operator as a key microwave transport vendor. In addition, with recent wins with LTD Broadband and Nextlink Internet, Aviat has increased its share of demand in Rural Broadband. We believe we are well-positioned in a market that is expected to benefit from meaningful government funding, including the $9 billion 5G Fund for Rural America and the $20 billion Rural Digital Opportunity Fund. As an American company, Aviat is proud to deliver broadband connectivity to rural America, enabling economic, social, healthcare, and educational opportunities for all Americans."

Mr. Smith concluded, "With the introduction of new software on the WTM4000 radio platform, we have demonstrated our commitment to invest in software solutions which we believe will lower our customers' total costs of ownership."

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