MiX Telematics (MIXT) Tops Q3 EPS by 12c, Revenues Beat

MiX Telematics (NYSE: MIXT) reported Q3 EPS of $0.15, $0.12 better than the analyst estimate of $0.03. Revenue for the quarter came in at $34.1 million versus the consensus estimate of $26.61 million.

Third Quarter Highlights:

• Subscription revenues of $29.1 million
• Net subscriber base of over 749,000 subscribers
• Net income of $5.9 million
• Adjusted EBITDA of $9.5 million, at a 28.0% margin
• Net cash provided by operating activities of $10.2 million leading to positive free cash flow of $8.7 million
• Cash and cash equivalents of $44.0 million at quarter end

“MiX Telematics reported third quarter results highlighted by sequential growth in subscription revenue and very strong profitability and free cash flow. We saw modestly improved performance in our premium and light fleet segments for the second straight quarter even as we continue to manage through the impact of COVID-19 on certain key vertical markets," said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.

Joselowitz continued, “As we look ahead, we are very encouraged by the strategic conversations we are having with large fleet operators on the greater role telematics will play in their future operations. This gives us confidence MiX is well positioned to return to attractive subscription revenue growth rates once the economy normalizes.”

For earnings history and earnings-related data on MiX Telematics (MIXT) click here.

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