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Harmonic -13% as guidance comes up short

Feb. 04, 2019 4:44 PM ETHarmonic Inc. (HLIT) StockBy: Jason Aycock, SA News Editor1 Comment
  • Harmonic (NASDAQ:HLIT) has fallen 13% in late trading after its Q4 results, where it beat EPS expectations but provided light guidance for the current quarter's revenues.
  • Strong growth in Cable Access revenues added to steady progress in its core Video segment. And gross margin rose to 54.5% from 50.1%.
  • Non-GAAP operating income rose to $12.7M from $1.6M; net income jumped to $0.11/share from break-even a year ago.
  • CableOS deployments rose 11% sequentially to pass 535,000 served modems, and more than 37,000 OTT channels have been deployed globally.
  • Revenue breakout: Video, $89.5M (up 2%); Cable Access, $24.1M (up 79%).
  • For Q1, it's guiding to revenue of $80M-$90M (below consensus for $100.2M). Of that, $70M-$75M is from Video and $10M-$15M from Cable Access. It sees gross margin at 52.5-54.5%, and EPS of -$0.11 to -$0.01 (trailing estimates for $0.05).
  • For the full year, it's guiding to revenue of $390M-$440M (below consensus for $450.1M). Of that, $290M-$310M is from Video and $100M-$130M from Cable Access. It also sees gross margin of 50-53.5%, and EPS of -$0.16 to $0.33 (vs. expectations for $0.23).
  • Conference call to come at 5 p.m. ET.
  • Previously: Harmonic beats by $0.06 (Feb. 04 2019)
  • Press release

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