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Axon Enterprise, Inc.’s second-quarter 2018 adjusted earnings came in at 18 cents per share surpassing the Zacks Consensus Estimate of 9 cents by 100%. The bottom line also improved 100% on a year-over-year basis.
Excluding one-time items, the company recorded GAAP earnings of 15 cents compared with 4 cents in the year-ago quarter. The upside was driven by higher sales and operating income.
Total Revenues
The company’s revenues totaled $99.2 million, which comfortably outpaced the Zacks Consensus Estimate of $96 million by 3.6% in the quarter under review. The reported figure also improved 24.6% 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 14.4% year over year to $60.6 million. Also, the Software and Sensors segment’s revenues surged 45% to $38.6 million.
Segment bookings decreased 8.9% to $88.9 million as of Jun 30, 2018 from $97.5 million in the preceding quarter. Nevertheless, bookings increased 8.4% on a year-over-year basis.
Axon Enterprise, Inc Price, Consensus and EPS Surprise
Axon Enterprise's gross margin expanded 630 basis points year over year to 63.6% from 57.3%. The uptick was backed by a strong product mix in weapons and continued Axon Cloud growth.
Total operating expenses increased 29.2% to $57.8 million. The improvement can be attributed to higher sales, general and administrative expenses (up 23.6%), and research and development expenses (up 42.4%).
Financials
Axon Enterprise had cash and cash equivalents of $307.5 million as of Jun 30, 2018 compared with $75.1 million as of Dec 31, 2017.
Net cash outflow from operating activities was $1.9 million as of Jun 30, 2018 compared with cash outflow of $5.8 million in the year-ago quarter. Free cash outflow summed $10.7 million compared with cash outflow of $9.3 million in second-quarter 2017.
Johnson Controls International plc (JCI - Free Report) reported adjusted earnings per share of 81 cents in third-quarter fiscal 2018, which outpaced the Zacks Consensus Estimate of 80 cents. Also, revenues came in at $8.1 billion surpassing the Zacks Consensus Estimate of $7.96 billion.
Allegion plc’s (ALLE - Free Report) adjusted earnings in the second quarter were $1.25 per share, which exceeded the Zacks Consensus Estimate of $1.20. The company generated revenues of $704.7 million, reflecting growth of 12.4% from the year-ago tally.
Fortune Brands Home & Security, Inc.’s earnings before charges/gains in the second quarter were $1.00 per share, which missed the Zacks Consensus Estimate of $1.03. Its net sales totaled $1,429 million, up 4.7% from the year-ago number.
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It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
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Axon Enterprise (AAXN) Q2 Earnings Top, Revenues Improve Y/Y
Axon Enterprise, Inc.’s second-quarter 2018 adjusted earnings came in at 18 cents per share surpassing the Zacks Consensus Estimate of 9 cents by 100%. The bottom line also improved 100% on a year-over-year basis.
Excluding one-time items, the company recorded GAAP earnings of 15 cents compared with 4 cents in the year-ago quarter. The upside was driven by higher sales and operating income.
Total Revenues
The company’s revenues totaled $99.2 million, which comfortably outpaced the Zacks Consensus Estimate of $96 million by 3.6% in the quarter under review. The reported figure also improved 24.6% 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 14.4% year over year to $60.6 million. Also, the Software and Sensors segment’s revenues surged 45% to $38.6 million.
Segment bookings decreased 8.9% to $88.9 million as of Jun 30, 2018 from $97.5 million in the preceding quarter. Nevertheless, bookings increased 8.4% on a year-over-year basis.
Axon Enterprise, Inc Price, Consensus and EPS Surprise
Axon Enterprise, Inc Price, Consensus and EPS Surprise | Axon Enterprise, Inc Quote
Quarter Highlights
Axon Enterprise's gross margin expanded 630 basis points year over year to 63.6% from 57.3%. The uptick was backed by a strong product mix in weapons and continued Axon Cloud growth.
Total operating expenses increased 29.2% to $57.8 million. The improvement can be attributed to higher sales, general and administrative expenses (up 23.6%), and research and development expenses (up 42.4%).
Financials
Axon Enterprise had cash and cash equivalents of $307.5 million as of Jun 30, 2018 compared with $75.1 million as of Dec 31, 2017.
Net cash outflow from operating activities was $1.9 million as of Jun 30, 2018 compared with cash outflow of $5.8 million in the year-ago quarter. Free cash outflow summed $10.7 million compared with cash outflow of $9.3 million in second-quarter 2017.
Zacks Rank
Axon Enterprise currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Releases
Johnson Controls International plc (JCI - Free Report) reported adjusted earnings per share of 81 cents in third-quarter fiscal 2018, which outpaced the Zacks Consensus Estimate of 80 cents. Also, revenues came in at $8.1 billion surpassing the Zacks Consensus Estimate of $7.96 billion.
Allegion plc’s (ALLE - Free Report) adjusted earnings in the second quarter were $1.25 per share, which exceeded the Zacks Consensus Estimate of $1.20. The company generated revenues of $704.7 million, reflecting growth of 12.4% from the year-ago tally.
Fortune Brands Home & Security, Inc.’s earnings before charges/gains in the second quarter were $1.00 per share, which missed the Zacks Consensus Estimate of $1.03. Its net sales totaled $1,429 million, up 4.7% from the year-ago number.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>