Shares of Sierra Wireless (Sierra Wireless Stock Quote, Chart, News: TSX:SW, Nasdaq:SWIR) are higher than they have been since 2004 today after the B.C.-based company reported a strong Q3 and guidance that suggests its fortunes may get even better.
In the third quarter, Sierra Wireless lost $2.9-million on revenue of $143.3-million, a topline that was up 27.6% over the same period last year.
“In the third quarter of 2014, we leveraged our global leadership position in M2M to drive record revenue and strong profitability,” said CEO Jason Cohenour. “In the fourth quarter, we expect to deliver continued growth in revenue and profitability. While executing operationally, we will continue to pursue acquisitions that help accelerate our growth and enhance our strategic position.”
The company says it will get into the black in Q4. Guidance provided by management today says it expects to earn between $7.9 and $8.8-million on revenue that will fall between $145-million to $148-million in that quarter.
In April of 2013, Sierra Wireless completed the sale of its AirCard unit to California-based Netgear, representing its largest move in becoming an M2M pure play. Today, the company plays in M2M verticals such railway, energy and industrial infrastructure, and in the connected car space.
At press time, shares of SWIR on the Nasdaq were up 24.2% to $32.97.
We Hate Paywalls Too!
At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.