April 29, 2008 / 8:59 PM / 10 years ago

UPDATE 1-Sierra Wireless profit jumps on record revenue

TORONTO, April 29 (Reuters) - Wireless modem maker Sierra Wireless (SW.TO)(SWIR.O) reported a big jump in first-quarter profit on Tuesday, delivering record quarterly revenues despite tougher conditions related to component supply.

Sierra, which makes the AirCard line of modems, said it earned $9.7 million, or 31 cents per share, in the three months ended March 31. That was up 83 percent from a profit of $5.3 million, or 20 cents a share, a year earlier.

Revenue jumped 66 percent to $141.9 million, from $85.4 million a year earlier.

“We experienced continued strong momentum in our business and achieved record quarterly revenue, in spite of a challenging component supply environment,” chief executive Jason Cohenour said in a statement.

For the second quarter, Sierra said it expects revenue of $154 million and diluted earnings of 35 cents per share.

“Our revenue expectations for the second quarter of 2008 reflect strong demand and good revenue visibility,” the company said.

Sierra released its results after markets closed. During the day, its shares rose 2 Canadian cents to end at C$20.45 on the Toronto Stock Exchange. ($1=$1.01 Canadian) (Reporting by Wojtek Dabrowski; editing by Rob Wilson)

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