What happened

Aviat Networks (AVNW -3.96%) stock is seeing big gains in Thursday's trading. The wireless transport solutions specialist's share price was up 12.1% as of 11 a.m. ET, according to data from S&P Global Market Intelligence.

Prior to the market opening this morning, Aviat published results for the fourth quarter of its last fiscal year, which ended June 30. The company recorded non-GAAP (adjusted) earnings per share of $0.87 on revenue of $91.2 million in the period, beating the average analyst estimate's call for adjusted per-share earnings of $0.86 on sales of $89.1 million. 

So what

Aviat Networks grew sales 17.8% year over year in Q4. The company's North America geographic segment grew sales 13% compared to the prior-year period, while its international segment saw revenue expand 25.8% to hit $36 million. 

Along with strong sales growth, the company's adjusted gross margin rose to 36.2% -- up from 35.7% in last year's fourth quarter. Meanwhile, the company's operating income margin jumped from 10.5% to 12%. Thanks to healthy revenue growth and margin expansion, Aviat increased its adjusted earnings per share, which surged 29.9% in Q4. 

Now what

For the current fiscal year, Aviat Networks is guiding for sales to come in between $367 million and $374 million -- suggesting annual growth of approximately 6.9% at the midpoint of the target range.

While that guidance does suggest some sales growth deceleration, management's target for this year's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) suggests that the business's margins will continue to improve. Aviat currently expects adjusted EBITDA to come in between $51 million and $56 million this year -- good for growth of 13.8% at the midpoint.