SWIR Reports Q2 2015

Revenue of $158.0 million, up 17.0% YoY. Adjusted EPS of $0.26, up 225% YoY.

Press release: http://www.businesswire.com/news/home/20150806006598/en/Sier…

1YPEG of 0.11 based on today’s closing price (and stock is down over 7% AH as I write this).

Here are the numbers I show. Basic log charts available at http://www.1ypeg.com/SWIR

                                       SWIR
           Price: $24.47          1YPEG: 0.11          Adjusted P/E: 24          

                        Adjusted Earnings - Historical Stats
+---------------------------------------------------------------------------------+
| Fiscal Q.     Adj. EPS     TTM EPS      YoY TTM Growth      Growth Acceleration |
+---------------------------------------------------------------------------------+
| Q2 2015          $0.26       $1.01              225.8%                     3.0% |
| Q1 2015          $0.22       $0.83              219.2%                          |
| Q4 2014          $0.29       $0.63                                              |
| Q3 2014          $0.24       $0.44                                              |
| Q2 2014          $0.08       $0.31                                              |
| Q1 2014          $0.02       $0.26                                              |
| Q4 2013          $0.10                                                          |
| Q3 2013          $0.11                                                          |
| Q2 2013          $0.03                                                          |
+---------------------------------------------------------------------------------+

                             Revenue - Historical Stats
+---------------------------------------------------------------------------------+
| Fiscal Q.      Revenue    TTM Revenue     YoY TTM Growth    Growth Acceleration |
+---------------------------------------------------------------------------------+
| Q2 2015          $158M          $604M              24.1%                  -6.9% |
| Q1 2015          $154M          $581M              25.9%                        |
| Q4 2014          $149M          $549M                                           |
| Q3 2014          $143M          $518M                                           |
| Q2 2014          $135M          $487M                                           |
| Q1 2014          $121M          $462M                                           |
| Q4 2013          $119M                                                          |
| Q3 2013          $112M                                                          |
| Q2 2013          $110M                                                          |
+---------------------------------------------------------------------------------+

Looking ahead, next quarter (Q3) is typically much stronger for the company than Q2, but management said they expect it to look more like Q2 this year:

In the third quarter of 2015, we expect revenue and gross margin percentage to be similar to the second quarter of 2015 and operating expenses to increase slightly compared to the second quarter of 2015. This guidance does not include any contribution from the announced acquisition of MobiquiThings.

I’m assuming that’s what the market is unhappy about. We do know this company has a history of sandbagging, but that’s still pretty sobering guidance when set in the context of historical seasonal performance.

I look forward to hearing Anirban’s take.

Neil
Long SWIR

27 Likes