What happened
Shares of Harmonic (HLIT -3.02%), a virtualized cable access and video delivery company, were rising Tuesday after it reported better-than-expected first-quarter results on both the top and bottom lines.
The tech stock was up an impressive 15% as of 2:11 p.m. ET.
So what
The company reported first-quarter sales of $147.4 million -- up 32% year-over-year -- which beat analysts' consensus estimate of $136.4 million. Harmonic's non-GAAP earnings per share of $0.08 -- up from $0.04 in the year-ago quarter -- also surpassed Wall Street's expectation of $0.04 per share.
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Harmonic CEO Patrick Harshman said in a press release that the company's strong financial performance in the quarter was "driven by Cable Access segment revenue growth of 98% and Video segment gross margin expansion."
Harshman added that the company's "robust bookings" resulted in a record backlog and deferred revenue for the quarter. Bookings reached $205.5 million in the quarter, up 113% from $96.3 million in the year-ago quarter.
Other highlights from the report included non-GAAP net income of $8.9 million, an increase of 98%, and adjusted EBITDA of $14.5 million -- up from $9.1 million in the year-ago quarter.
Now what
Investors are understandably happy with Harmonic's first-quarter results, and they may have more to look forward to based on management's full-year guidance.
Harmonic's leadership forecast that non-GAAP earnings per share for 2022 will be in the range of $0.34 to $0.45. Analysts' current average estimate is for just $0.35 per share. Additionally, the company's entire revenue guidance range of between $585 million and $625 million exceeds Wall Street's expectation of $584.4 million.
