Tracking-chip maker Impinj late Wednesday topped analyst estimates for the second quarter, and with its outlook for the third quarter. PI stock jumped in extended trading.
The Seattle-based company earned an adjusted 83 cents a share on sales of $102.5 million in the June-ended quarter. Analysts polled by FactSet had expected Impinj to earn 74 cents a share on sales of $97.5 million. On a year-over-year basis, Impinj earnings soared 152% while sales rose 19%.
For the current quarter, Impinj forecast adjusted earnings of 48 cents a share on sales of $92.5 million. That's based on the midpoint of its guidance. Wall Street had been looking for earnings of 40 cents a share on sales of $90.4 million in the third quarter. In the year-earlier period, Impinj broke even on sales of $65 million.
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 Bounces Back
In after-hours trading on the stock market today, PI stock advanced 8.8% to 166. During the regular session Wednesday, PI stock sank 5.6% to close at 152.55 amid a broad tech stock sell-off.
"Our second-quarter results were strong, setting several new records," Chief Executive Chris Diorio said in a news release.
"Revenue topped $100 million and adjusted EBITDA topped $25 million, both well above our guidance. Free cash flow topped $40 million," he said. "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."
PI stock ranks No. 11 out of 39 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup. Impinj has an IBD Composite Rating of 76 out of 99.
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