Specialty business printers maker Zebra Technologies Corp. posted a third-quarter profit that topped Wall Street view, driven by a 37 percent growth in hardware sales, and forecast fourth-quarter earnings above estimates.
For the fourth quarter, the company expects to earn $0.44-$0.51 per share, on revenue of $240-$252 million.
Analysts are looking for earnings of 43 cents per share, on revenue of $244.4 million, according to Thomson Reuters I/B/E/S.
Net income for the third quarter more than doubled to $26.2 million, or 46 cents per share, from $11.1 million, or 19 cents per share, a year ago.
Analysts had projected earnings of 41 cents per share.
Net sales rose 23 percent to $246.5 million, beating analysts’ forecast of $240.1 million.
Hardware sales — which contributed more than 70 percent of the company’s revenue — rose to $179.0 million from $130.9 million a year ago.
Shares of the Lincolnshire, Illinois-based company closed at $36.53 on Wednesday on Nasdaq. The stock has gained a third of its market value in the last three months.
