06:57 AM EDT, 09/19/2024 (MT Newswires) -- Vecima Networks ( VNWTF ) on Thursday reported higher adjusted earnings for the fourth quarter, boosted by record quarterly revenues.

The company reported fourth-quarter adjusted earnings per share of $0.34, up from $0.21 a year earlier.

Revenue was an all-time best for a quarter of $87.5 million, up from $75.5 million.

Among other highlights, the company also recorded Q4 gross profit of $40.7 million and a Q4 gross margin of 46.5%

"Our momentum continued to build in the fourth quarter as the convergence of multiple growth engines drove back-to-back quarters of record results," said President and CEO Sumit Kumar. "On the top line, fourth quarter consolidated sales of $87.5 million were the best in Vecima's history and reflect particularly strong performance from our Entra DAA product family."

He added: "It was an impressive finish to the year with another new high in sales on the heels of our record third quarter performance. We were able to overcome much of the impact of the temporary transition in the DAA macro environment in the first half and go on to achieve strong full-year results."

"Going forward we expect to build on this performance as we continue to reap the rewards of our multi-year investments into our world-leading portfolio of cable and fiber access DAA solutions," he said.

VCM last traded at $22.20.