Harmonic Earnings: Here’s Why Investors Like These Results
Harmonic Inc. (NASDAQ:HLIT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.29%.
Harmonic Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 16.67% to $0.05 in the quarter versus EPS of $0.06 in the year-earlier quarter.
Revenue: Decreased 11.71% to $117.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Harmonic Inc. reported adjusted EPS income of $0.05 per share. By that measure, the company beat the mean analyst estimate of $0.01. It beat the average revenue estimate of $108.71 million.
Quoting Management: “Harmonic`s results in the second quarter reflected a return to the quarterly trajectory we expected coming into the year,” said Patrick Harshman, President and Chief Executive Officer. “Penetration into the broadcast and media market with our video processing technology drove the return to revenue growth and helped drive margins above our target for the quarter. We are also encouraged by customer feedback for our technology growth drivers: converged cable access platform, or CCAP, next-gen video compression and playout, Ultra HD, over-the-top and multiscreen. Specific to CCAP, we received our first order and made our first shipment of the NSG Pro during the quarter. Overall, our improved financial performance and expanded share repurchase commitment demonstrate our continuing focus on creating shareholder value.”
Key Stats (on next page)…