Sierra Wireless Reports Financial Results for Second Quarter
Friday, August 03, 2018 | Comments

Sierra Wireless reported results for its second quarter ending June 30.

“Our two fastest growing and highest margin businesses, namely Enterprise Solutions and IoT Services, represented 25 percent of total revenue in quarter two, and we continued to strengthen our position as a leader in device-to-cloud IoT solutions,” said Kent Thexton, interim CEO.

Revenue for the second quarter of 2018 was $201.9 million, an increase of 16.4 percent, compared with $173.4 million in the second quarter of 2017. Product revenue was $178.8 million, up 9.4 percent year-over-year, and services and other revenue was $23.1 million, up 130.4 percent compared with the second quarter of 2017.

Gross margin was $69.3 million, or 34.3 percent of revenue, in the second quarter of 2018 compared with $59.6 million, or 34.4 percent of revenue, in the second quarter of 2017.

Operating expenses were $74.4 million and loss from operations was $5.1 million in the second quarter of 2018 compared with operating expenses of $55.6 million and earnings from operations of $4.0 million in the second quarter of 2017. Net loss was $11.4 million in the second quarter compared to net earnings of $6.8 million in the second quarter of 2017.

For the third quarter, the company expects revenue to be in the range of $198 million to $207 million.

In addition, Sierra Wireless received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB). Under the NCIB, Sierra Wireless may purchase for cancellation up to about 3.58 million of its common shares or 10 percent of the public float.

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