SANTA CRUZ, Calif.-Plantronics Inc.’s financial results for its fiscal-year 2004 third quarter, released this week, sent the company’s stock soaring. Shares of Plantronics were trading at $42.51, more than $1 above the company’s previous 52-week high, the day following the earnings release.
Plantronics said its revenues for the quarter increased 24 percent from the previous third quarter to $107.6 million, and operating income increased 89 percent to $23.8 million. Earnings per share were 37 cents, compared with 20 cents in the year-ago quarter.
“Our results were above the guidance we issued on Oct. 15, which called for revenues of $95 million to $100 million, and earnings per share of 27 cents to 30 cents,” Ken Kannappan, president and chief executive officer, further explained. “Domestic and international revenue growth was led by increased demand for headsets for mobile phones and for wireless headsets in the office. Earnings grew substantially due to higher revenues and an expansion of our profit margins primarily due to the leverage of the higher revenues on our cost structure.”
Plantronics expects fourth-quarter revenues to be approximately $108 million and earnings to be between 30 cents and 34 cents per share.
