TORONTO (Reuters) - Shares of Sierra Wireless Inc SW.TO SWIR.O rose after the company said on Thursday that fourth-quarter profit beat its forecasts, helped by record quarterly revenue and the early shipment of its new AirCard line of wireless modems.
Sierra said it earned $11.5 million, or 37 cents a share, in the final quarter of 2007, up from a profit of $2.4 million, or 9 cents a share, in the same 2006 period.
The results, released after the market closed, sent the company’s shares up to $16.25 in after-hours trading, versus their closing price of $14.81 on Nasdaq.
Sierra, based in Vancouver, British Columbia, said fourth-quarter revenue doubled to $135.6 million from $68.3 million a year earlier. The company’s forecast for revenue had been $125 million.
For the first quarter, it said it expects revenue of $135 million and diluted earnings per share of 30 cents a share.
Sierra said this outlook reflects “strong demand and good revenue visibility, constrained by expected continuing supply shortages on key components.”
Reporting by Wojtek Dabrowski and Lynne Olver; Editing by Peter Galloway