Investors smile on Tessco earnings, outlook

Tessco Technologies Inc. announced increasing revenues and profits in its most recent quarter, news that helped push the company’s stock up almost 5 percent to $22.46 per share.
“I am pleased to announce our 11th consecutive quarter of sequential commercial revenue growth,” said company chief Robert Barnhill. “We have continued our momentum into the third quarter, making excellent progress on the achievement of our imperatives, resulting in an 82 percent growth in diluted earnings per share and a 42 percent growth in total revenues, both over last year’s third quarter.”
Tessco posted revenues in the quarter of $134.7 million, up 42 percent over the company’s revenues in the same quarter a year ago. The company’s net income increased to $1.8 million, up from the $1.1 million it recorded in the third quarter of its previous fiscal year.
Further, Tessco upped its guidance for 2007, from earnings of $1.07 to $1.17 per share to earnings of $1.15 to $1.22 per share.
Tessco supplies wireless network equipment, devices and accessories to a variety of customers, including carriers, tower owners and industrial and enterprise users.