Shares of Control4 Corp. (CTRL) jumped 20.6% on Friday after the smart-home solutions company announced stronger-than-expected second-quarter 2018 results.
More specifically, Control4's quarterly revenue grew 13% year over year to $69.2 million, which translated to adjusted net income of $11.4 million, or $0.42 per share, up from $0.31 per share in the same year-ago period. Analysts, on average, were only anticipating earnings of $0.32 per share on revenue of $67.8 million.
"We continue to strengthen our product offerings via new capabilities including Intercom Anywhere and enhanced When>>Then Personalization -- both part of our growing 4Sight consumer cloud service," stated Control4 Chairman and CEO Martin Plaehn. "Additionally, our recently introduced Certified Showroom Program and Production Builder Program are gaining visibility and operational momentum which we expect to contribute positively to our market presence and future revenue growth."
Plaehn added that they were "pleased" with their second-quarter performance, and are "well positioned for the second half of the year."
To that end, Control4 expects third-quarter revenue to be between $70.5 million and $72.5 million, with adjusted net income per share between $0.34 and $0.38. Both figures are roughly in line with consensus estimates.
For full-year 2018, Control4 sees revenue arriving between $273 million and $276 million, which should translate to adjusted earnings per share between $1.38 and $1.45. In this case, Wall Street was more conservative in predicting 2018 earnings of only $1.30 per share on revenue near the low end of Control4's outlook.
With Control4 shares trading nearly 30% below their 52-week high set late last year, that's all the market needed to hear to stage today's impressive rebound.