InterDigital, Inc. (IDCC), a mobile and video technology company, Tuesday announced its preliminary fourth-quarter earnings, which is higher than the Street estimates.
The results reflects the company's anticipated release of value allowance against deferred tax assets in various foreign jurisdictions.
For fourth quarter, the company expects earnings of around $34 million, higher than the previous expectation of $18 million to $21 million. It expects earnings per share to be around $1.20, higher than previous expectations of $0.70 to $0.80.
On adjusted basis, the company anticipates earnings of approximately $36 million, above the previous expectation of between $31 million to $34 million.
Excluding items, earnings per share for fourth quarter is estimated to be $1.34, higher than prior estimate of $1.17 to $1.29.
Analysts on average surveyed by Thomson-Reuters expect it to be $0.71 per share.
The company sees operating expenses of $81 million compared to previous estimate of $77 million to $79 million, primarily due to increased litigation charges and performance-based compensation.
The company expects revenue to stand at $105 million for fourth quarter, whereas analysts expect it to be $104.2 million.
For the first quarter, InterDigital projects earnings of $70 million or $2.50 a share to $85 million or $3 a share. However, analysts expect it to be $0.77 a share.
Further, the company sees revenue of $245 million to $255 million for first quarter, compared to the analysts' estimate of $106.12 million for the same period.
Currently, InterDigital's stock is climbing 2.64 percent, to $106.08 on the Nasdaq.
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