Sierra Wireless (SWIR) Tops Q1 EPS by 3c, Revenues Beat; Offers FY19 EPS Mid-Point Guidance Above Consensus

Sierra Wireless (NASDAQ: SWIR) reported Q1 EPS of ($0.02), $0.03 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $173.8 million versus the consensus estimate of $172.08 million.

NON-GAAP RESULTS(1)

• Gross margin was 31.5% in the first quarter of 2019 compared to 33.4% in the first quarter of 2018.
• Operating expenses were $54.8 million and loss from operations was $0.2 million in the first quarter of 2019 compared to operating expenses of $58.6 million and earnings from operations of $3.8 million in the first quarter of 2018.
• Net loss was $0.9 million, or $0.02 per diluted share, in the first quarter of 2019 compared to net earnings of $3.3 million, or $0.09 per diluted share, in the first quarter of 2018.
• Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was $4.5 million in the first quarter of 2019 compared to $9.0 million in the first quarter of 2018.

“We are making good progress driving improved efficiency throughout our operations to accelerate our transformation into a leading global IoT solutions provider,” said Kent Thexton, President and CEO of Sierra Wireless. “At the same time, we are investing in innovative cellular technologies and capabilities to enhance our differentiated Device-To-Cloud offering and grow our recurring subscription-based revenue.”

GUIDANCE:

Sierra Wireless sees FY2019 EPS of $0.30-$0.35, versus the consensus of $0.30.

For earnings history and earnings-related data on Sierra Wireless (SWIR) click here.

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