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BRIEF-Sierra Wireless Reports First Quarter 2020 Results

Published 2020-05-07, 06:23 p/m
SW
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May 7 (Reuters) - Sierra Wireless Inc SW.TO :

* SIERRA WIRELESS REPORTS FIRST QUARTER 2020 RESULTS

* Q1 LOSS PER SHARE $0.62

* Q1 REVENUE $157.6 MILLION VERSUS REFINITIV IBES ESTIMATE OF $155.2 MILLION

* Q1 EARNINGS PER SHARE ESTIMATE $-0.19 -- REFINITIV IBES DATA

* FROM LATE FEBRUARY ONWARDS, OUR MANUFACTURING AND SUPPLY CHAIN PARTNERS IN CHINA GRADUALLY REOPENED PRODUCTION FACILITIES

* LOGISTICS SUPPORTING TRANSPORTATION OF GOODS REMAINS A CHALLENGE FOR US DUE TO DRAMATIC REDUCTION OF PASSENGER FLIGHTS GLOBALLY

* DID NOT EXPERIENCE SIGNIFICANT INTERRUPTION OF CUSTOMER DEMAND IN Q1 OF 2020

* FACING WEAKER-THAN-EXPECTED REVENUE PROJECTIONS IN Q2 OF 2020, DRIVEN PRIMARILY BY SIGNIFICANT REDUCTION IN AUTOMOTIVE OUTLOOK

* WITHDRAWING OUR PREVIOUS GUIDANCE FOR FULL YEAR 2020 REVENUE AND ADJUSTED EBITDA

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