Digi International Q4 Results Beat Street View; Shares Up 8%

(RTTNews) - Shares of Digi International Inc. (DGII) jumped over 8% in extended trading session on Wednesday after the company's fourth-quarter profit and revenues trumped Wall Street estimates.

Fourth-quarter net income was $4.59 million or $0.13 per share, compared to $4.43 million or $0.15 per share last year.

Adjusted earnings for the quarter were $0.25 per share, up from $0.32 per share last year.

Revenues for the quarter grew to $79.11 million from $73.17 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $77.20 million for the quarter.

"Digi grew revenues over 10% despite unprecedented supply chain challenges," said Ron Konezny, President and Chief Executive Officer. "Annualized Recurring Revenues growth of 30% demonstrates our relentless dedication to adding more value to our customers' digital transformations. The addition of Ventus to the Digi family further accelerates our transformation to software, services, and subscription offerings. Digi now provides subscription based services to over 250,000 sites."

Looking forward to full year 2022, Digi expects adjusted earnings of $0.30 to $0.34 per share. Analysts currently estimate earnings of $0.66 per share.

DGII closed Wednesday's trading at $22.53, down $0.15 or 0.66%, on the Nasdaq. The stock, however, gained $1.89 or 8.39% in the after-hours trading.