Ceragon Networks Q1: Double-Digit Revenue Growth, Earnings Beat, Margin Expansion & More

Ceragon Networks Ltd (NASDAQ: CRNT) reported a first-quarter FY23 revenue increase of 18.6% year-on-year to $83.41 million, beating the consensus of $78.43 million.
Adjusted EPS of $0.04 beat the consensus of $(0.01).
Ceragon saw strong bookings in India and North America in Q1, which bolstered quarterly performance.
Non-GAAP operating income in Q1 was $5.89 million, compared with an operating loss of $(0.61) million a year ago.
Gross margin was 33.8%, compared with a gross margin of 27.5% in Q1 2022 and 32.5% in Q4 2022.
The company held $26.4 million in cash and equivalents.
"Our solutions are benefiting from strong demand and the supply chain is normalizing both in terms of product availability and costs," Doron Arazi, CEO, commented. "As we move through the year and gain greater visibility into customer buying patterns, we may consider upgrading our outlook."
FY23 Outlook: Ceragon Networks reiterated FY23 revenue guidance of $325 million - $345 million versus the consensus of $334.45 million. The company expects full-year profitability.
Price Action: CRNT shares traded lower by 1.54% at $1.92 on the last check Monday.

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