15th Jan 2019 10:17
LONDON (Alliance News) - Telit Communications PLC on Tuesday said it expects further improvement in financial performance improvement following a double digit earnings growth in 2018.
The machine modules maker expects revenue for 2018 to be at the top end of its guidance at USD427 million and up 14% from USD374.5 million reported in 2017. It anticipates cloud and connectivity revenue to rise by 20% to USD33.5 million from USD27.7 million.
Adjusted earnings before interest, taxes, depreciation, and amortization for the year is expected to be in line with guidance, at between USD30 million and USD35 million. In 2017, the company reported adjusted Ebitda of USD18.1 million.
"We are seeing promise of growth across markets and expect to improve further our financial performance in 2019," said Executive Chair Paolo Dal Pino.
Telit expects to publish its results in March. The stock was trading 0.1% higher on Tuesday morning at 131.70 pence a share.
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