Ubiquiti Networks, Inc. (UBNT) Thursday reported third-quarter profit of $20.7 million or $0.23 per share, down 26 percent from $27.9 million or $0.30 per share in the same period last year.
Adjusted earnings for the quarter was $21.1 million or $0.24 per share. On average, six analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues dropped 9 percent to $83.2 million from $91.7 million last year. Analysts expected revenues of $80.10 million.
Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.25 to $0.28 per share, with adjusted earnings in the order of $0.26 to $0.29 per share.
Revenues are expected to range between $90 million and $96 million. Analysts currently expect the company to report fourth-quarter earnings of $0.23 per share on revenues of $86.02 million.
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