RTTNews | Feb 1, 2021 05:46PM EST

17:45 Monday, February 1, 2021 (RTTNews.com) - Harmonic Inc. (HLIT) on Monday reported fourth-quarter net income of $13.5 million or $0.13 per share, up from $5.6 million or $0.06 per share last year.

On an adjusted basis, net income were $20.0 million or $0.20 per share, compare to last year's adjusted income of $12.1 million or $0.12 per share last year.

Revenues grew 7.7% to $131.5 million from $122.2 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.15 per share on revenues of $126.3 million. Analysts' estimates typically exclude one-time items.

"Harmonic's fourth quarter results reflect the competitive advantages and complementary strengths of our Cable Access and Video segments," said CEO Patrick Harshman. "Both segments delivered sequential and year over year growth in revenues and operating margins. Record quarterly bookings, and record backlog and deferred revenue, demonstrate strong business momentum as we enter 2021."

Looking forward to the first quarter, the company expects revenues of $97.0 million to $107.0 million and adjusted earnings of $0.00 to $0.04 per share. Analysts currently estimates earnings of $0.03 per share on revenues of $100.89 million.

For the full year 2021, Harmonic expects revenues of $430.0 million to $465.0 million on adjusted earnings of $0.09 to $0.31 per share. Analysts currently estimates earnings of $0.35 per share on revenues of $456.94 million.

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