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Kornit Digital Q4 Net Misses Estimates, Revenue Rises

Kornit Digital Ltd. (KRNT), engaged in the business of digital printing solutions for the fashion, apparel, and home decor industries, on Tuesday reported a drastic drop in net income in the fourth quarter ended December 31, 2021. Revenues and earnings missed consensus estimates.

Net income for the period was $1.0 million or $0.02 per share as compared to $5.9 million or $0.12 per share in the prior period.

Adjusted net income for the period was $6.4 million or $0.13 per share (net of $0.16 per share attributed to the non-cash impact of warrants) as compared to $11.5 million or $0.24 per share (net of $0.04 per share attributed to the non-cash impact of warrants) in the prior period. 8 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.24 per share. Analysts typically exclude one-time items.

Revenues for the period were 87.55 million (net of $7.9 million attributed to the non-cash impact of warrants), as compared to $72.29 million (net of $1.8 million attributed to the non-cash impact of warrants) in the prior period. 5 analysts polled by Thomson Reuters were expecting the company to report revenues of $89.77 million.

For the first quarter of 2022, the company expects revenue (excluding the impact of the fair value of issued warrants in the quarter) to be in the range of $87 million to $91 million, higher than the analysts' expectation of $86.58 million.

Adjusted operating income is expected between 7 percent and 9 percent of revenue whereas EBITDA margins are expected to be in the range of 9 percent to 11 percent.

The company expects higher operating margins in the second, third, and fourth quarters of 2022 versus the first quarter.

Operating margins in the second-half quarters are expected to be in the mid-teens.

Shares of Kornit Digital closed Monday's trading at $98.31, up $5.73 or 6.19 percent from previous close.

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