Cable sales push Harmonic to Q2 profit of $25.5M
Harmonic announced a second-quarter net income of $25.5 million, thanks in part to the sales of its gear to cable operators.
The Sunnyvale, Calif.-based company’s net income of $25.5 million, or 27 cents per share, was in marked contrast to the $6.2 million, or 8 cents per share, from the same quarter last year.
Harmonic reported net sales of $89.3 million, up 25 percent from $71.3 million in the second quarter of 2007. For the first six months of 2008, net sales were $176.6 million, up 25 percent from $141.5 million in the same period of 2007.
Harmonic said the strong year-over-year revenue growth reflected increased shipments to cable, satellite, telco and other customers worldwide. International sales represented 50 percent of revenue for the second quarter of 2008, up from 46 percent in the same time frame a year ago.
“We are pleased with our operating performance in the second quarter,” said Patrick Harshman, president and CEO of Harmonic. “During the quarter, we saw strong demand from our cable customers, both domestic and international, as they continue to expand their on-demand and high-definition channel offerings, as well as enhance their high-speed data services.”
Harmonic forecasted net sales for the second half of this year to be between $175 million and $185 million.
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