Telit Communications YTD earnings in line with expectations despite drop in revenues

(Sharecast News) - Internet of Things enabler Telit Communications said on Tuesday that year-to-date revenues had fallen as a result of the Covid-19 pandemic weighing on customer spending and growth.
Telit posted revenues of $245.0m for the nine months ended 30 September, down from $274.5m in the prior year, but said third-quarter trading had remained "resilient" when compared to the first-half despite continued lockdown measures across the group's markets.

However, despite the hit to overall revenues, IoT and connectivity income grew 10% during the period to $32.4m, boosting year-to-date adjusted underlying earnings and cash profits into line with expectations.

The AIM-listed group added that since the beginning of the year, it had expanded the availability of its range by certifying its 5G products, addressing a growing demand for high bandwidth products, and was also awarded new design wins for its 5G products and the OneEdge solution in the period.

As of 1110 GMT, Telit shares were up 0.37% at 163.0p.