Mitek Systems Earnings: Here’s Why Investors are Happy Now
Mitek Systems, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.06 in the quarter versus EPS of $-0.11 in the year-earlier quarter.
Revenue: Rose 168.91% to $3.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: reported adjusted EPS loss of $0.06 per share. By that measure, the company beat the mean analyst estimate of $-0.08. It beat the average revenue estimate of $2.37 million.
Quoting Management: “We had a strong quarter which can be attributed to the widespread adoption of our mobile imaging solutions, particularly Mobile Deposit and Mobile Photo Bill Pay. We believe Mobile Deposit has become an expected capability, and more banks than ever are utilizing the technology to retain customers and attract new business. Meanwhile, U.S. Bank was the first nation-wide bank to launch Mobile Photo Bill Pay” said James B. DeBello, president and CEO of Mitek. “We are confident in our momentum moving forward, and are excited to partner with a variety of institutions interested in Mitek’s technology.”
Key Stats (on next page)…
Revenue decreased 3.32% from $3.31 million in the previous quarter. EPS increased to $-0.06 in the quarter versus EPS of $-0.05 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.07 to a loss $0.08. For the current year, the average estimate is a loss of $0.26, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)