April 29, 2010 / 9:22 PM / 7 years ago

UPDATE 1-Sierra Wireless Q1 loss narrows

* Loss/shr $0.24 versus loss/shr $0.76 year ago

* Adjusted EPS $0.13 vs analyst expectations of $0.11

* Revenue up 36 pct at $151.3 mln

* Sees Q2 EPS $0.05 to $0.12, rev $115 mln to $160 mln

April 29 (Reuters) - Canada’s Sierra Wireless Inc (SW.TO) (SWIR.O) narrowed its quarterly loss as revenue from its machine-to-machine communications segment nearly tripled.

For the second quarter, the company said it sees net earnings of 5 cents per share to 12 cents per share on revenue of $115 million to $160.0 million.

Sierra, which makes AirCard brand modems, posted a first-quarter loss of $7.6 million, or 24 cents a share, compared with a loss of $23.9 million, or 76 cents a share a year earlier.

Adjusted to exclude special items such as restructuring costs, stock-based compensation expense and tax adjustment, Sierra said it earned 13 cents a share.

Revenue was 36 percent higher at $151.3 million.

Revenue from its machine-to-machine communications segment rose 187 percent to $88.7 million, the company said in a statement.

Analysts on average had expected the company to report adjusted earnings of 10 cents a share on revenue of $150.1 million, according to Thomson Reuters I/B/E/S.

Shares of Sierra closed at C$9.50 on the Toronto Stock Exchange and $9.44 on Nasdaq on Thursday. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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