Shares of Control4 (NASDAQ:CTRL) soared today, up by 19% as of 11:10 a.m. EDT, after the company reported third-quarter earnings. The bottom line came in well ahead of expectations.
Revenue in the third quarter came in at a record $64.7 million, which yielded non-GAAP net income of $9.6 million, or $0.35 per share. Analysts were expecting an adjusted profit of just $0.26 per share. On a GAAP basis, earnings per share was $0.19.
The smart home automation company finished the quarter with cash and net investments of $71.7 million.
We continue to execute on our strategy to enhance and deliver industry-leading connected-home solutions through our expert channel. Worldwide we are seeing positive reception by our dealers and end-customers for our new products released this September across our Control4, Pakedge and Triad brands.
CEO Martin Plaehn made the above comments, continuing: "Our recent business performance aligns with the positive opportunities we see for our products, dealers, and partners in delivering fantastic connected-experiences to homeowners, families, and businesses."
In terms of guidance, sales in the fourth quarter should be in the range of $66.3 million to $68.3 million, with non-GAAP earnings per share of $0.33 to $0.37. Revenue for the full year 2017 is expected to be $242.5 million to $244.5 million, with non-GAAP earnings per share of $1.13 to $1.16.