SAN DIEGO-Wireless modem maker Novatel Wireless Inc. reaffirmed its guidance for its fourth quarter and expressed optimism for the coming quarters based on sales of its W-CDMA laptop cards.
“Sales growth was driven primarily by strong shipments across all technologies to new and existing customers and channels, especially our UMTS products in Europe,” said Peter Leparulo, Novatel Wireless’ chief executive officer. “Overall, we are very optimistic for the coming year, and we currently expect a continuation of strong opportunities for top-line growth and bottom-line profitability based on a more diversified portfolio of products and customers. We also expect to announce new customer wins with our existing product portfolio, next-generation technologies and our new Ovation line of multimedia application consoles.”
Although Novatel didn’t name its carrier partners, industry analysts said the company was shipping its products to both Verizon Wireless and Vodafone.
Novatel said it expects revenues for the fourth quarter to grow to $33 million to $34 million, in line with previous guidance. The company said its net income will grow to 17 cents per diluted share-the highest in the company’s history. The company is scheduled to report its results Feb. 10.
Investors seemed impressed with the company’s news, sending Novatel’s stock up about 6 percent to around $17.18 per share.
