Ceragon Networks Reports 2020 Third-Quarter Financials
Monday, November 02, 2020 | Comments

Ceragon Networks reported results for the third quarter ended September 30.

Because of strong revenues, high gross margin and lower operating expenses, the company generated $1.6 million in generally accepted accounting principles (GAAP) net profit despite COVID-19 constraints. Ceragon benefited from internet service provider (ISP) and 4G operator projects to increase network reach, capacity and speed.

Revenues for the quarter were $70.6 million compared to $72.2 million for the same quarter and $62.4 million for second quarter of 2020. Gross margin was 33.4% compared to 32.2% for the prior year quarter and 26.4% for the second quarter of 2020.

Operating income was $3.4 million compared to $2.1 million for the same quarter the previous year and a loss of $3.5 million for the second quarter of 2020. Net income was $1.6 million, or $0.02 per diluted share compared with $0.2 million, or $0.00 per diluted share for the previous year’s quarter and a loss of $5.5 million, or $0.07 per diluted share for the second quarter of 2020.

“Q3 was a strong period for Ceragon, reflecting the market's urgent need for increased network capacity and its recognition of the critical advantages of our solutions, coupled with our focused execution despite the COVID-19 environment,” said Ceragon President and CEO Ira Palti. “During the quarter, we achieved new 5G design wins, some of which have already translated into small orders, and completed significant shipments against large-scale 4G expansion projects. We also benefited from ISP activities in the US and Europe, as they move quickly to address broadband gaps left underserved by operators.

"While COVID-19 continues to bring uncertainty to project timing, the need for broadband network expansions — 4G, 5G and others — has never been clearer, and we expect this to continue working to our strengths,” Palti said.

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