Sierra Wireless revenues rise 18% in Q3, boosted by high growth at IoT Services

Friday 9 November 2018 | 09:43 CET | News
Sierra Wireless said its third quarter came in line with expectations, pushed up by higher margin businesses Enterprise Solutions and IoT Services. Together, these segments made up 27 percent total revenue. Revenues lifting almost 18 percent from the year before to USD 203.4 million. All segments showed growth, especially IoT Services, where revenues jumped 172.8 percent to USD 23 million. Revenues at other segments Enterprise Solutions and OEM Solutions climbed 22 percent to USD 32.1 million, and 7.6 percent to USD 148.3 million. 

The adjusted EBITDA advanced to USD 16 million from 13.2 million, with the adjusted net profit rising to USD 10.5 million or USD 0.29 per diluted share, from 7.7 million and 0.24 per diluted share. The gross margin went higher to USD 67.3 million or 33.1 percent of revenue, from 57.3 million and 33.2 percent of revenue, while the net result went to a loss of USD 1.0 million or USD 0.03 per diluted share. This was down from last year’s profit of USD 1.4 million, but better than the net loss of 11.4 million recorded in the previous quarter. 

The company ended September with USD 67.5 million worth of cash and cash equivalents, down by USD 5.9 million from the end of June, as cash flow from operating activities was only to a bit offset higher capex. 

Sierra also announced the appointment of Jason Krause as its new COO. Krause was previously SVOP and GM for the company’s Enterprise Solutions business unit. He has been at Sierra since 2007. 

For the fourth quarter, Sierra Wireless is guiding for revenues of USD 200-208 million and adjusted EPS of USD 0.22-0.30 per share. The forecast includes an estimated negative impact of about USD 0.03 per share, related to US tariffs on goods imported from China.

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Categories: Mobile & Wireless
Companies: Sierra Wireless
Countries: World
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