Tracking-chip maker Impinj late Wednesday handily beat analyst estimates for the third quarter and with its guidance for the current period. PI stock rose in extended trading.
The Seattle-based company earned an adjusted 56 cents a share on sales of $95.2 million in the September quarter. Analysts polled by FactSet had expected Impinj to earn 48 cents a share on sales of $92.9 million. In the year-earlier period, Impinj broke even on sales of $65 million.
For the current quarter, Impinj forecast adjusted earnings of 47 cents a share on sales of $92.5 million. That's based on the midpoint of its guidance. Analysts were modeling Q4 earnings of 40 cents a share on sales of $90.1 million. In the same quarter last year, Impinj earned 9 cents a share on sales of $70.7 million.
"Our third-quarter results were strong, with revenue and profitability well above our guidance," Chief Executive Chris Diorio said in a news release. "These results again demonstrate the leverage in our operating model. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead."
Impinj makes tiny tracking chips that can connect items to the internet cloud for customers in retail, transportation, logistics and other industries. Its wireless chips track such things as retail store items, luggage, automobile parts and merchandise shipments.
PI Stock Is A Recent Breakout
In after-hours trading on the stock market today, PI stock rose 2% to 226.90. During the regular session Wednesday, PI stock dipped 0.5% to close at 222.46.
On Sept. 11, PI stock broke out of a seven-week consolidation pattern at a buy point of 181.88, according to IBD MarketSurge charts. Impinj reached the profit-taking zone on Sept. 26, based on IBD trading principles.
Impinj stock got a boost from its inclusion in the S&P SmallCap 600 index on Sept. 23.
PI stock is on the IBD Tech Leaders list.
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