Kornit Digital Shares Gain on 2Q Adjusted Profit, Revenue Outlook

Dow Jones
Aug 12
 

Shares of Kornit Digital rose after the company unexpectedly reported an adjusted second-quarter profit and guided for higher-than-anticipated revenue in the current period.

The stock climbed 9.8%, to $19.30, in premarket trading Wednesday. Through Tuesday's close, shares are up nearly 23% year to date.

The company--which provides printing solutions for the garment, apparel and textile industries--before the bell said its second-quarter loss widened to $11.2 million, or 26 cents a share, from a loss of $7.52 million, or 17 cents a share, a year earlier.

Stripping out one-time items, quarterly earnings came in at 4 cents a share. Analysts polled by FactSet expected an adjusted loss of 1 cent a share.

Total revenue climbed 11% to $55.3 million, ahead of Wall Street estimates for $52.8 million.

"We enter the second half of the year with a healthy pipeline and continued momentum across both new customers and our existing installed base," Chief Executive Ronen Samuel said.

For the current quarter, Kornit guided for revenue of $55 million to $60 million. Analysts were looking for $55.2 million.

 
 

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