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It wasnt a very good day for the market on Monday, but there were still several Zacks #1 Rank stocks that finished with very respectable gains. One of the top performers today was ZAGG Inc. (ZAGG - Snapshot Report), which advanced a little more than 6%. Volume was nearly 2.6 million shares, compared to the daily average of about 926,000.
The company is a mobile accessories maker. One of the biggest positives for ZAGG is the increasing demand for smartphones and tablets, most recently exemplified by the quarterly report from Apple (AAPL - Analyst Report). Specifically, ZAGG makes protective coverings for electronic devices, including ones that complement the iPad.
The company is preparing to announce its first quarter results later this week. The Zacks Consensus Estimate is for 14 cents per share, or a penny better than two months ago. Investors remember ZAGGs strong fourth quarter report from late February, and are expecting more of the same.
In that quarter, ZAGG reported earnings per share of 27 cents, which was 35% better than the Zacks Consensus Estimate. It was the companys first beat since the first quarter, while the second and third quarters each matched. Stretching all the way back to mid 2010, it has had a very good record of surpassing or matching quarterly earnings expectations.
Net sales in the quarter soared 131% to $67.5 million from $29.3 million. ZAGG attributed its performance to strong holiday sales, record online sales and an expanded SKU presence .
The company expects revenue in 2012 of more than $250 million, compared to $179.1 million for 2011.
Earnings estimates for 2012 moved higher after this report. The Zacks Consensus Estimate for the year is now 81 cents per share, or 8% better than two months ago. Theres also been a penny improvement in the past 30 days. As for 2013, the Zacks Consensus Estimate of $1.02 suggests year-over-year profit growth of about 26%.
ZAGG Inc. designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices, worldwide. ZAGG's flagship brand, the invisibleSHIELD, is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items.
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