NetGear Stock Surges After Hours Following Quarterly Results

NetGear

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(RTTNews) - Shares of NetGear Inc. (NTGR), an intelligent networking solutions company increased around 13% in after-hours trading after the company reported narrower loss in the first quarter, that beat the Street estimates.

For the first quarter, Loss before tax narrowed to $4.63 million from $18.80 million loss in the prior year.

Net loss declined to $6.03 million from $18.65 million loss last year. Net loss per share was $0.21 versus $0.63 a year ago.

On the adjusted basis, it reported net income of $461 million compared with a loss of $8.35 million last year.

Adjusted earnings per share were $0.02 compared with a loss per share of $0.28 in the prior year's quarter.

Analysts, on average, had expected the company to report a loss of $0.37 per share. Analysts' estimates typically exclude special items.

Loss from operations narrowed to $12.8 million from $21.65 million in the previous year.

Revenue, however, edged down to $162.06 million from $164.59 million last year.

Looking ahead, the company anticipates the second quarter GAAP operating margin to be in the range of a loss at 10.4% to 7.4%. While non-GAAP operating margin is expected to be in the range of a loss at 6.5% to 3.5%

The company expects gross margin to be in line or decrease slightly from the first quarter level.

The company expects second-quarter revenue to range between $155 million to $170 million.

For the second quarter, the company expects GAAP tax expense to be in the range of $0.5 million to $1.5 million, while the non-GAAP tax expense is expected to be in the range of $1.0 million to $2.0 million.

Wednesday, NetGear stock had closed at $24.12, 0.50 higher on the Nasdaq. In the after-market hours, the stock traded 13.58 higher before ending the trade at $27.40.