Control4 Posts Upbeat Q4 Earnings Report
Control4 reported its non-GAAP net income for Q4 was $7.8 million, compared to $1.6 million during the same period in 2015.
SALT LAKE CITY – Control4 Corp. (NASDAQ: CTRL) on Thursday reported fourth-quarter net income of $4 million, compared to a net loss of $700,000 during the same period the year prior.
The company, based here, reported profit of 16 cents per share. Earnings, adjusted for stock option expense and amortization costs, amounted to 31 cents per share. The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The provider of in-home automation and control services posted revenue of $57.4 million in the period, $1.9 million above the high end of its guidance range, representing year-over-year growth of 34%. That surpassed analyst forecasts. Three analysts surveyed by Zacks projected $54.7 million.
During an earnings call on Thursday, Control4 Chairman and CEO Martin Plaehn said the company saw strong demand for its industry-leading automation platform with more than 28,000 EA Series controllers shipped in Q4, a sequential quarter increase of 16% above Q3.
“Pakedge networking products generated $7 million in revenue for the quarter and since its acquisition in late January 2016, over 1,550 Control4 dealers have purchased Pakedge products for the first time which compares to 1,250 dealers we reported in November, the 830 we reported in August and the 370 we reported in May, confirming our channel expansion thesis behind this acquisition, much like the thesis behind our 4K video technology acquisition which we completed and fully integrated during 2015.
READ NEXT: Why Control4’s Deal for Pakedge Creates a Home-Automation Powerhouse
For the year, the company reported net income of $13 million, or 53 cents per share, swinging to a profit in the period. Revenue was reported as $208.8 million.
For the current quarter ending in April, Control4 is forecasting revenue in the range of $46 million to $48 million. The company expects full-year earnings in the range of 90 cents to 98 cents per share, with revenue ranging from $228 million to $232 million.
Control4 shares have risen about 13% since the beginning of the year.
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