Sierra Wireless Announces Quarterly Financials
Friday, November 03, 2017 | Comments

Canadian firm Sierra Wireless reported results for its third quarter ending Sept. 30. All results are reported in U.S. dollars.

Revenue for the third quarter of 2017 was $173.2 million, an increase of 12.8 percent compared with $153.6 million in the third quarter of 2016. Revenue from OEM solutions was $138.5 million in the third quarter of 2017, up 8.4 percent compared to $127.8 million in the third quarter of 2016. Revenue from enterprise solutions was $26.3 million in the third quarter of 2017, up 38.8 percent compared to $18.9 million in the third quarter of 2016. Revenue from cloud and connectivity services was $8.4 million in the third quarter of 2017, up 23 percent compared with $6.9 million in the third quarter of 2016.

Gross margin was $57.8 million, or 33.3 percent of revenue, in the third quarter of 2017, compared with $49.4 million, or 32.1 percent of revenue, in the third quarter of 2016. Operating expenses were $57.5 million, and earnings from operations were $200,000 in the third quarter of 2017, compared with operating expenses of $49.4 million and a loss from operations of $100,000 in the third quarter of 2016.

Net earnings were $1.2 million in the third quarter compared with a net loss of $1.8 million in the third quarter of 2016.

“In the third quarter of 2017, we delivered strong revenue and profitability growth on a year-over-year basis, driven by performance improvements in each of our three business segments,” said Jason Cohenour, president and CEO. “We continue to strengthen our leadership position in the internet of things (IoT) with technology innovations, new product launches, new customer wins and strategic acquisitions.”

Sierra Wireless said its acquisition of Numerex is expected to close in December, subject to the receipt of Numerex stockholder approval, certain regulatory approvals and satisfaction of other customary closing conditions.

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