Sierra Wireless Reports First-Quarter Financials
Friday, May 05, 2017 | Comments

Sierra Wireless reported results for its first quarter ending March 31.

Revenue for the first quarter of 2017 was $161.8 million, an increase of 13.3 percent compared with $142.8 million in the first quarter of 2016. Revenue from OEM solutions was $133 million in the first quarter of 2017, up 10 percent compared with $120.9 million in the first quarter of 2016. Revenue from enterprise solutions was $21.7 million in the first quarter of 2017, up 44.8 percent compared with $15 million in the first quarter of 2016. Revenue from cloud and connectivity services was $7.1 million in the first quarter of 2017, up 2.1 percent compared to $6.9 million in the first quarter of 2016.

Gross margin was $55.7 million, or 34.4 percent of revenue, in the first quarter of 2017, compared with $46.8 million, or 32.8 percent of revenue, in the first quarter of 2016. Operating expenses were $57.1 million and loss from operations was $1.5 million in the first quarter of 2017, compared with operating expenses of $48.1 million and loss from operations of $1.3 million in the first quarter of 2016. The loss from operations in the first quarter of 2017 included a $3.7 million impairment charge on an intangible asset related to a terminated service offering that has now been superseded by a more technically advanced offering. Net loss was $200,000 in the first quarter of 2017 compared with net earnings of $700,000 in the first quarter of 2016.

“In the first quarter of 2017, we delivered solid year-over-year revenue growth and profitability results that exceeded our expectations,” said Jason Cohenour, president and CEO. “We continued to strengthen our position as a leader in device-to-cloud solutions for the internet of things (IoT) with new customer wins, new product offerings and the acquisition of the assets of GlobalTop Technology's GNSS business.”

For the second quarter of 2017, the company expects revenue to be in the range of $165 million to $175 million. This guidance includes a full quarter of contribution from the acquired assets of GlobalTop's GNSS business.




 
 
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