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Lantronix advances at MACH10 speed

Last updated: 10:54 27 Jan 2017 EST, First published: 05:54 27 Jan 2017 EST

Internet of Things
Growth in the top-line was driven by increased sales of the group's IT management products

Computer networking products provider Lantronix Inc (NASDAQ:LTRX) saw its market cap increase by one-sixth after a sparkling earnings update.

In the final three months of 2016, representing the second quarter of the information technology (IT) firm's financial year, net revenue rose 18% from US$9.5mln a year earlier to US$11.2mln.

Growth in the top-line was driven by increased sales of the group's IT management products, which were 72% higher than the year before.

The gross profit margin improved to 51.8% from 48.1% in the corresponding quarter of the previous year.

Adjusted net income clocked in at US$444,000, versus US$196,000 the previous year.

On a generally accepted accounting principles (GAAP) basis, post-tax profit was US$41,000, versus a loss the previous year of US$928,000.

“I’m pleased to report that our continued momentum contributed to 18% year-over-year top-line growth and allowed us to achieve modest GAAP profitability, as well as our fourth consecutive quarter of non-GAAP net income,” said Jeffrey Benck, Lantronix's president and chief executive officer.

“We’ve had a strong first half of fiscal 2017, as many of the operational improvements we’ve made over the last year started to bear fruit. With the recent announcement of our MACH10 technology, we are adding a key solution to our IoT [internet of things] product portfolio that can help us solve a bigger part of the challenges that manufacturers face in building smarter, connected machines,” he added.

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