Mitel Networks Earnings: Here’s Why the Stock is Rising Now
Mitel Networks Corp. (NASDAQ:MITL) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 10.62%.
Mitel Networks Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 112.5% to $0.17 in the quarter versus EPS of $0.08 in the year-earlier quarter.
Revenue: Rose 2.24% to $141.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mitel Networks Corp. reported adjusted EPS income of $0.17 per share. By that measure, the company beat the mean analyst estimate of $0.15. It missed the average revenue estimate of $143.5 million.
Quoting Management: “We are pleased to have achieved year-over-year revenue growth and record gross margins in the first quarter,” said Richard McBee, Chief Executive Officer, Mitel. “Our operating results reflect the growing traction of our cloud business as well as the strength of our unified communications software solutions, which serve as the foundation for us to grow in our target markets.”
Key Stats (on next page)…