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Tuesday, May 24, 2022

Lantronix: Growth, COVID-19 Disruptions

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Computer networking products maker Lantronix in Irvine said third-quarter revenue grew 34% from the same period a year ago, while cautioning that the COVID-19 pandemic has caused a “significant supply chain and business disruption.”

Net revenue was $16.5 million in the three months ended March 31, above the $16.1 million average of three analyst estimates. Adjusted earnings per share fell to 2 cents from 5 cents in the third quarter of 2019.

Lantronix (Nasdaq: LTRX) said it expects revenue and adjusted earnings per share to increase on a quarterly basis during the current period, adding that it was suspending more specific guidance “due to the uncertainties caused by the COVID-19 pandemic.”

“Despite significant supply chain and business disruption, we were able to achieve significant revenue growth, drive customer engagements and realize synergies,” said Paul Pickle, president and CEO of Lantronix.

Shares in Lantronix rose 8.3% to $2.99 apiece for a market cap of almost $83 million.

Go here for more updates on how OC companies are responding to the coronavirus pandemic.

For ongoing, in-depth coverage of COVID-19’s effects on OC businesses, see the Monday print edition of the Business Journal.

Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal

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