Great EPS Report just out. Just wait until the Institutions digest this!!!
ZAGG Reports 2017 Third Quarter and Nine Months Results; Company Raises 2017 Outlook
Company Release - 11/1/2017 4:05 PM ET
SALT LAKE CITY, Nov. 01, 2017 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq: ZAGG), a leading global mobile lifestyle company, today announced financial results for the third quarter and nine months ending September 30, 2017.
Third Quarter Highlights (Comparisons versus third quarter 2016)
Net sales of $134.4 million, an 8% increase compared to $124.7 million
Gross margin of 36% compared to 35%
Net income of $9.8 million compared to a net loss of ($7.1) million
Adjusted EBITDA of $22.4 million compared to $17.8 million
Year-to-Date Highlights (Comparisons versus nine months 2016)
Net sales of $342.6 million, a 19% increase compared to $286.9 million
Gross margin of 33% compared to 34%
Net income of $7.0 million compared to a net loss of ($11.4) million
Adjusted EBITDA of $37.2 million compared to $33.5 million
Increases 2017 Full Year Outlook
Net sales in the range of $500.0 million to $520.0 million, an increase from the previous guidance range of $470.0 million to $500.0 million
Adjusted EBITDA in the range of $75.0 million to $78.0 million, an increase from the previous guidance range of $71.0 million to $75.0 million.
“Our business performed extremely well across the board during the third quarter,” commented Randy Hales, President and Chief Executive Officer. “With two of the strongest brands in the mobile lifestyle category – InvisibleShield and mophie – combined with an enhanced operating structure, we’ve created a powerful platform that is generating record revenue and Adjusted EBITDA. In addition to our strong year-to-date results, we believe the Company has a long runway for growth evidenced by our increased guidance for 2017. Our optimism extends from our core product lines to our recently introduced wireless charging pad that supports Apple’s new iPhones. I am confident that the Company is well positioned to capitalize on the many opportunities that lie ahead and will deliver increased value to our shareholders for years to come.”
Third Quarter Results
(in millions, except per share amounts) September 30, 2017 September 30, 2016
Net Sales $134.4 $124.7
Gross Profit (Gross Profit %) $48.4 (36%) $43.1 (35%)
Net Income (Loss) $9.8 ($7.1)
Earnings (Loss) per Diluted Share $0.34 ($0.25)
Adjusted EBITDA (Margin %) $22.4 (17%) $17.8 (14%)
