Polycom (PLCM) shares lift as the company flew by third quarter targets.
The Pleasanton, Calif., conference call equipment specialist posted an adjusted profit of $24.5 million, or 27 cents a share. Those numbers compare with a pro forma profit of $19 million, or 20 cents a share, a year ago. Analysts were looking for a 25-cent profit, according to Reuters Research.
Total sales in the quarter were $173.2 million. That compares with $144.4 million in revenue during the year-ago period. Analysts had their sights set on about $170 million in sales.
"With the resulting revenues of $173.2 million and strong gross and operating margins, Polycom generated $39.2 million in positive operating cash flow in the third quarter," CFO Mike Kourey said in a press release.
Polycom shares rose 39 cents to $26 in after-hours trading Wednesday.