Irvine-based Printronix Inc. told investors to expect strong results for the December quarter. The industrial printer maker delivered Wednesday with results that ran roughshod over Wall Street expectations.
Quarterly net income climbed 55% to $2 million, according to Printronix. Analysts on average expected $768,000 in profits.
Printronix shares soared 8% ahead of the earnings announcement, which came after the market close.
Several large transactions closed earlier than expected, leading to the improved results, Chief Executive Robert Kleist said.
“By growing revenue and continuing our focus on cost reductions, we were able to significantly increase our profitability over the same period last year,” he said.
Printronix makes printers for producing radio frequency identification tags, which are high-tech barcodes used to track shipments.
The company counts a market value of about $93 million.
Revenue for the quarter was at the top of the company’s guidance at $34.9 million.
Printronix sees a slower pace for the current quarter. It projects sales of up to $34 million and income of $660,000 to $1.3 million, in line with expectations.
