Friday, Ceragon Networks, Ltd. (CRNT), a wireless backhaul solutions provider, reported a significant decline in first-quarter profit, reflecting the impact of lower revenues. Nonetheless, adjusted earnings per share were in line with analysts' estimates.
The Tel Aviv, Israel-based company's net income plunged to US$215 thousand, or US$0.01 per share, from US$4.27 million, or US$0.11 per share, in the year-ago quarter. On an adjusted basis, net income for the quarter fell to US$1 million, or US$0.03 per share, from US$4.92 million, or US$0.13 per share, in the prior year. Adjusted net income excludes equity-based compensation expenses of $789 thousand.
On average, twelve analysts polled by Thomson Reuters expected the company to report earnings of US$0.03 per share. Analysts' estimates typically exclude one-time items.
Quarterly revenues decreased 7% to US$43.90 million from US$47.18 million a year earlier, and came in nearly flat with analysts' estimate of US$43.93 million.
Looking forward, Ceragon President and Chief Executive Officer Ira Palti said, "We are still cautious about the near term outlook due to poor visibility, lengthening sales cycles, and customers' continuing focus on retaining cash."
CRNT ended Thursday's trading at $5.10 on the Nasdaq.
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