Mitel Networks Corp (MITL) Tops Q3 EPS by 2c

Mitel Networks Corp (NASDAQ: MITL) reported Q3 EPS of $0.22, $0.02 better than the analyst estimate of $0.20. Revenue for the quarter came in at $241.5 million up from $143.1 million on the Aastra acquisition.

"I am extremely pleased with the progress Mitel made in the first quarter, particularly the solid overall revenue performance. Our first quarter results reflect the traction we are gaining in our cloud business, with over 21,000 recurring cloud revenue seats being added in the quarter, representing 73% growth year-over-year, bringing our cloud recurring seats total to 142,600. These are both strong indicators that our employees, customers and channel partners see value and strength from the combination with Aastra," said Richard McBee, Chief Executive Officer, Mitel.

"Since acquiring Aastra at the end of January, we have moved decisively to integrate the two organizations and to quickly identify and capitalize on synergy opportunities. As a result, we have identified significant additional supply chain efficiencies allowing us to revise our synergy target to $75 million, up from $50 million, for the integration period spanning the next two and half years," said Mr. McBee.

For earnings history and earnings-related data on Mitel Networks Corp (MITL) click here.

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• Hasbro (HAS) brand strength sees earnings top expectations
• Pervasip Corp. (PVSP) Reports Q1 EPS of $0.00