NEW YORK (TheStreet) -- Shares of Knowles Corp. (KN) - Get Report are spiking by 10.53% to $14.38 in after-hours trading on Monday, after the company released its 2016 first quarter results, which beat expectations.
After today's closing bell, the Itasca, IL-based electronics supplier posted earnings of 8 cents per diluted share, topping analysts' estimates of 3 cents per share.
Revenue declined by 1% to $185.3 million year-over-year, but surpassed Wall Street's expectations of $179.6 million.
Knowles is a supplier of advanced micro-acoustic solutions, audio processing and specialty component solutions.
"In our mobile consumer electronics segment, sales were better than expected driven by microphone shipments to North American and Korean handset customers," CEO Jeffrey Niew said in a statement.
"Revenue from our specialty components segment was in line with expectations, with seasonally lower hearing health sales and stable demand in precision devices," he added.
Better-than-expected gross margins and tight operating expense controls resulted in earnings per share that was above the high end of the company's projected range, Knowles noted.
For the second quarter, the company forecasts earnings per share between 8 cents and 14 cents on revenue of $180 million to $200 million.
Analysts are looking for earnings of 8 cents per share on revenue of $193.2 million.
About 2.97 million of the company's shares were traded today vs. its average volume of 834,731 shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: KN