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Aviat tumbles on FQ3 miss; Ubiquiti/Ceragon/DragonWave also off

  • Aviat (AVNW -25.5%) badly missed FQ3 estimates and (citing poor visibility) declined to provide FQ4 guidance. The company also stated its cash balance fell by $17.2M Q/Q to $47.5M, and that it's addressing liquidity issues by "taking steps" to improve its cost structure and working capital management.
  • On the CC (transcript), Aviat noted African sales fell 42% Y/Y, something it blames on weak carrier spending. Nonetheless, the company's overall book-to-bill was "substantially above 1."
  • Other providers of microwave/backhaul hardware for carriers are also selling off on yet another rough day for high-beta tech stocks. UBNT -3.3%. CRNT -4.5%. DRWI -5.1%.
  • Ubiquiti and Ceragon report tomorrow, and DragonWave on May 14.
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