Plantronics Jumps on Blowout Quarter and Strong Guidance
Shares of Plantronics (PLT) - Get Plantronics, Inc. Report jumped on Friday after the communications-technology manufacturer reported fiscal-third-quarter results that were well ahead of the company's guidance and analysts' estimates.
At last check the stock was trading up 24% at $43.46. The shares on Friday touched a 52-week high $50.89, up 45%.
Earnings for the period were $1.47 a share, ahead of internal guidance between 85 cents and $1.05 per share.
For the quarter ended Dec. 26 the Santa Cruz, Calif., company, which recently changed its name to Poly, reported quarterly revenue of $485 million, a 26% year over year jump. The latest figure was ahead of the company's guidance range between $417 million and $447 million.
Analysts were expecting the telephone-headset maker to report earnings of 83 cents a share on revenue of $440 million.
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"[The] end markets for professional-grade communications gear have permanently expanded because work is no longer a place, it's what you do," Chief Executive Dave Shull said in a statement.
"In a world less dependent on being in the same room, but still demanding live interaction, the importance of pro-grade, easy-to-use technology that offers a superior remote experience is paramount."
For the fourth quarter, the company expects adjusted earnings between 80 cents and $1 a share on adjusted revenue between $440 million and $470 million.
Analysts are expecting earnings of 83 cents a share on revenue of $415.3 million.
Shull says the economy isn't far off from a "new normal" for office work, where half of employees will be in the office only half the time, according to an interview with Barron's.
