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Axon Enterprise, Inc.’s first-quarter 2018 adjusted earnings came in at 32 cents per share, surpassing the Zacks Consensus Estimate of a loss of 4 cents. Also, earnings improved 128.6% year over year. The upside was driven by higher sales and gross profit.
Excluding one-time items, the company recorded GAAP earnings of 24 cents compared with 9 cents in the year-ago quarter.
Axon Enterprise, Inc Price, Consensus and EPS Surprise
In the quarter, the company generated revenues of $101.2 million, which comfortably surpassed the Zacks Consensus Estimate of $92 million by 10.2%. The reported revenues also improved 27.7% year over year, buoyed by higher sales at both the TASER Weapon and the Software and sensors segments.
Revenues from the TASER Weapons segment were up 10.1% year over year to $63.5 million. Also, the Software and Sensors segment’s revenues surged 74.7% to $37.7 million.
Segment bookings were up 37.1% to $97.5 million as of Mar 31, 2018 from $71.2 million in the preceding quarter. Also, bookings increased 62.3% year over year.
Quarter Highlights
Axon Enterprise's gross margin expanded 230 basis points year over year to 63.7% from 61.4%.
Total operating expenses increased 17.6% to $50.9 million. The uptick was owing to higher sales, general and administrative expenses (up 15.9%), and research and development expenses (up 21.3%).
Financials
Axon Enterprise had cash and cash equivalents of $92.3 million as of Mar 31, 2018 compared with $75.1 million as of Dec 31, 2017.
Net cash flow from operating activities was $18.8 million as of Mar 31, 2018 against cash outflow of $6.6 million in the year-ago quarter. Free cash inflow was $17.7 million in the quarter against cash outflow of $17.6 million in first-quarter 2017.
Johnson Controls International plc (JCI - Free Report) reported adjusted earnings of 53 cents per share in second-quarter fiscal 2018, beating the Zacks Consensus Estimate of 52 cents. Moreover, earnings increased 6% from 50 cents per share registered in second-quarter fiscal 2017.
Allegion plc’s (ALLE - Free Report) first-quarter 2018 adjusted earnings came in at 80 cents per share, missing the Zacks Consensus Estimate of 84 cents. Adjusted earnings were up 9.6% from the prior-year quarter.
Fortune Brands Home & Security, Inc. first-quarter 2018 adjusted earnings came in at 56 cents per share, missing the Zacks Consensus Estimate of 59 cents by 5.1%. However, the bottom line increased 5.7% from the prior-year quarter.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Axon Enterprise (AAXN) Tops Q1 Earnings & Revenue Estimates
Axon Enterprise, Inc.’s first-quarter 2018 adjusted earnings came in at 32 cents per share, surpassing the Zacks Consensus Estimate of a loss of 4 cents. Also, earnings improved 128.6% year over year. The upside was driven by higher sales and gross profit.
Excluding one-time items, the company recorded GAAP earnings of 24 cents compared with 9 cents in the year-ago quarter.
Axon Enterprise, Inc Price, Consensus and EPS Surprise
Axon Enterprise, Inc Price, Consensus and EPS Surprise | Axon Enterprise, Inc Quote
Total Revenues
In the quarter, the company generated revenues of $101.2 million, which comfortably surpassed the Zacks Consensus Estimate of $92 million by 10.2%. The reported revenues also improved 27.7% year over year, buoyed by higher sales at both the TASER Weapon and the Software and sensors segments.
Revenues from the TASER Weapons segment were up 10.1% year over year to $63.5 million. Also, the Software and Sensors segment’s revenues surged 74.7% to $37.7 million.
Segment bookings were up 37.1% to $97.5 million as of Mar 31, 2018 from $71.2 million in the preceding quarter. Also, bookings increased 62.3% year over year.
Quarter Highlights
Axon Enterprise's gross margin expanded 230 basis points year over year to 63.7% from 61.4%.
Total operating expenses increased 17.6% to $50.9 million. The uptick was owing to higher sales, general and administrative expenses (up 15.9%), and research and development expenses (up 21.3%).
Financials
Axon Enterprise had cash and cash equivalents of $92.3 million as of Mar 31, 2018 compared with $75.1 million as of Dec 31, 2017.
Net cash flow from operating activities was $18.8 million as of Mar 31, 2018 against cash outflow of $6.6 million in the year-ago quarter. Free cash inflow was $17.7 million in the quarter against cash outflow of $17.6 million in first-quarter 2017.
Zacks Rank
Axon Enterprise currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Peer Releases
Johnson Controls International plc (JCI - Free Report) reported adjusted earnings of 53 cents per share in second-quarter fiscal 2018, beating the Zacks Consensus Estimate of 52 cents. Moreover, earnings increased 6% from 50 cents per share registered in second-quarter fiscal 2017.
Allegion plc’s (ALLE - Free Report) first-quarter 2018 adjusted earnings came in at 80 cents per share, missing the Zacks Consensus Estimate of 84 cents. Adjusted earnings were up 9.6% from the prior-year quarter.
Fortune Brands Home & Security, Inc. first-quarter 2018 adjusted earnings came in at 56 cents per share, missing the Zacks Consensus Estimate of 59 cents by 5.1%. However, the bottom line increased 5.7% from the prior-year quarter.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>