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.
Mitel Networks Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 9.52% to $0.23 in the quarter versus EPS of $0.21 in the year-earlier quarter.
Revenue: Decreased 5.65% to $142 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mitel Networks Corp. reported adjusted EPS income of $0.23 per share. By that measure, the company beat the mean analyst estimate of $0.22. It missed the average revenue estimate of $143.03 million.
Quoting Management: “We delivered solid revenue and gross margin, each in line with guidance, and non-GAAP operating expenses favorable to guidance in the third quarter,” said Richard McBee, Chief Executive Officer, Mitel. “Also, as previously announced, we entered into new credit facilities, strengthening our financial position and, in the third quarter, signed a letter of intent with a prospective buyer to complete the divestiture of our DataNet/CommSource business unit. We anticipate completing the transaction on March 1, 2013.”
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