Sierra Wireless (SWIR) Misses Q3 EPS by 25c, Revenues Miss

Sierra Wireless (NASDAQ: SWIR) reported Q3 EPS of ($0.40), $0.25 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $113.37 million versus the consensus estimate of $158.63 million.

“We are on-track to complete the sale of our Automotive product line and expect the deal to close in the coming weeks. Our Continuing Operations in the Third Quarter, excluding the Automotive product line being divested, improved sequentially with Recurring and Other Services revenue up 11% sequentially and 22% year-over-year,” said Kent Thexton, President and CEO. “Combining revenue from our Continuing Operations with the discontinued Automotive product line, total revenue in the Third Quarter was $180.3 million compared to $174.0 million the prior year. Going forward, we are improving the Company’s operating efficiency and we have announced and are implementing a series of cost reduction initiatives.”

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

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