Communications technology company Ubiquiti Networks, Inc. (UBNT) reported a rise in second-quarter net income attributable to common stockholders to $17.80 million or $0.20 per share, compared with $14.42 million or $0.16 per share in the same quarter last year.
The latest quarter results echoed the absence of a preferred stock cumulative dividend and accretion of cost of preferred stock charge totaling $9.70 million in the second quarter of 2011.
Excluding items, non-GAAP net income for the quarter was $18.3 million or $0.20 per share, down from $24.9 million or $0.27 per share in the comparable quarter last year.
On average, seven analysts polled by Thomson Reuters expected earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 22 percent to $74.90 million from $87.81 million in the year-ago quarter, while seven Street analysts expected revenues of $71.58 million for the quarter.
Looking ahead to the third quarter of fiscal 2013, Ubiquiti expects GAAP earnings of $0.19 to $0.23 per share, non-GAAP earnings of $0.20 to $0.24 per share and revenues of $76 million and $84 million.
The Street currently expects earnings of $0.19 per share for the third quarter 2013 on revenues of $74.80 million.
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