(Alliance News) - London-headquartered Telit Communications PLC on Tuesday said it is "pleased" with its performance so far in 2019 as earnings beat expectations.
The wireless machine-to-machine modules maker said revenue, excluding the automotive business sold in February, was up by 7.8% to USD274.5 million in the nine months to the end of September.
The company said it has now finalised the sale of its Automotive business for USD104.2 million, representing a GBP800,000 reduction due to the net working capital adjustment.
"Our transformation into a more efficient organisation solely focused on industrial IoT products and services is well on track as evidenced by the increase in revenues and the double-digit growth in our IoT Cloud and connectivity business," said Chief Executive Paolo Dal Pino.
Internet of Things Cloud and connectivity revenue, meanwhile, rose by 18% to USD29.4 million over the same period, thanks to growing market traction in the connectivity business, as well as the ramp-up of IoT project wins.
"We are well positioned to capitalize on growth opportunities as a leading enabler in the industrial IoT space," added Dal Pino.
Telit said adjusted earnings before interest, taxes, depreciation, and amortization and profit in cash for the period and year-to-date have been slightly ahead of its expectations, which puts the company in a "strong" position to deliver against its expectations for the full year.
The stock was trading 2.3% higher in London on Tuesday at 161.60 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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