PCTEL Announces Third-Quarter Results
Friday, November 08, 2019 | Comments

PCTEL announced its results for the third quarter ended Sept. 30. The company reported revenue of $23.6 million in the quarter, 28% higher compared with the prior year.

The third quarter revenue was higher by 104% for the test and measurement product line and higher by 11% for the antenna product line compared to the third quarter 2018.

Gross profit margin was 45.1% in the quarter, up 8.6% compared to gross profit margin in the prior year. The increase in the third quarter is a result of higher revenues for test and measurement products and improved profitability for antenna products.

PCTEL had $38.1 million of cash and short-term investments at Sept. 30 and no debt. The board of directors approved a share repurchase program pursuant to which the company may repurchase up to $7 million of its common stock, effective immediately through the end of 2020.

“We are pleased with our fourth consecutive quarter of solid performance with significant improvement in revenue and earnings per share compared to a year ago,” said David Neumann, PCTEL’s CEO. “Our 5G scanning receiver business continues to drive revenue growth and gross margins in a market that is in its early stages. We are also encouraged by the number of industrial IoT (internet of things) applications and the need for our antenna solutions which will drive long term growth for PCTEL.”

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