Novatel Wireless (MIFI) Tops Q4 EPS by 1c

Novatel Wireless (NASDAQ: MIFI) reported Q4 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $58.1 million versus the consensus estimate of $69.41 million.

“I am excited to announce that Novatel Wireless reached a significant milestone in the fourth quarter, with nearly half of our total revenues generated by our IoT products and solutions, as compared to only 15% at this time last year. I am particularly pleased with the revenue, profitability and subscriber growth of our Ctrack fleet management solutions, which propelled our non-GAAP gross margins on IoT products and solutions in the fourth quarter to an all-time high of 50%,” said Sue Swenson, Chair and CEO of Novatel Wireless. “As we enter 2016, our FW business continues to evolve its portfolio and efforts toward SaaS and other recurring service revenues, while our MiFi® business remains solidly aligned with our core wireless carrier customer who distributes several Novatel Wireless products. When combined with the global presence of Ctrack’s fleet management, stolen vehicle recovery, user-based insurance and asset tracking solutions, I expect the Company’s profitability to increase to more than $7 million in quarterly adjusted EBITDA during the second half of the year.”

For earnings history and earnings-related data on Novatel Wireless (MIFI) click here.

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