Calix reports Q4 EPS 45c, consensus 33c

Reports Q4 revenue $170.0M, consensus $159.52M. The company said, "Results for the fourth quarter of 2020 broke a number of quarterly records and were well above our financial guidance. Overall demand was robust, and our supply chain outperformed despite the continued challenging global environment for component sourcing and supply chain logistics. Total revenue was above the high end of our guidance range, increasing 41% compared to the year-ago quarter. This strong performance was driven by demand for our platforms, the continued ramp of new offerings along with an increase in our legacy product purchases. Revenue growth was again led by our small customers. Non-GAAP gross margin was above the high-end of our guidance owing to favorable product and customer mix. Meanwhile, our non-GAAP operating expenses undergrew revenue, but were above the highend of our guidance due to incentive compensation program achievement and incremental investments in sales and marketing. All of this resulted in record quarterly earnings on both a GAAP and non-GAAP basis. Finally, our continuing focus on balance sheet discipline combined with record net income resulted in positive free cash flow."