AP NEWS

Harmonic: 3Q Earnings Snapshot

October 28, 2019 GMT

SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported third-quarter net income of $11.7 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had net income of 12 cents per share. Earnings, adjusted for one-time gains and costs, came to 25 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The video services provider posted revenue of $115.7 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $114.9 million.

For the current quarter ending in December, Harmonic expects its per-share earnings to range from 3 cents to 11 cents.

The company said it expects revenue in the range of $108 million to $118 million for the fiscal fourth quarter.

Harmonic expects full-year earnings in the range of 20 cents to 29 cents per share, with revenue ranging from $389 million to $399 million.

Harmonic shares have increased 40% since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.62, an increase of 22% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLIT at https://www.zacks.com/ap/HLIT