Mitel Networks (MITL) Issues Q1 Earnings Guidance

Mitel Networks (NASDAQ:MITL) (TSE:MNW) updated its first quarter earnings guidance on Thursday. The company provided EPS guidance of $0.07-0.13 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.14. The company issued revenue guidance of $300-320 million, compared to the consensus revenue estimate of $314.83 million.

A number of research analysts have weighed in on the company. BidaskClub downgraded Mitel Networks from a sell rating to a strong sell rating in a report on Thursday, December 7th. Zacks Investment Research downgraded Mitel Networks from a hold rating to a sell rating in a report on Thursday, January 11th. Royal Bank of Canada reiterated a hold rating and set a $8.50 target price on shares of Mitel Networks in a report on Thursday, November 2nd. TheStreet downgraded Mitel Networks from a b rating to a c rating in a report on Tuesday, November 14th. Finally, Craig Hallum assumed coverage on Mitel Networks in a report on Thursday, December 14th. They set a buy rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $12.50.

Mitel Networks (NASDAQ:MITL) traded down $0.05 during trading on Thursday, hitting $9.22. The company had a trading volume of 2,296,700 shares, compared to its average volume of 1,162,785. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks has a 52 week low of $6.21 and a 52 week high of $9.39.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.36. The company had revenue of $355.90 million for the quarter, compared to the consensus estimate of $345.88 million. Mitel Networks had a negative return on equity of 9.36% and a negative net margin of 26.71%. The firm’s quarterly revenue was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 EPS. analysts expect that Mitel Networks will post -0.47 EPS for the current fiscal year.

A hedge fund recently raised its stake in Mitel Networks stock. State Street Corp increased its stake in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 5.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 127,946 shares of the communications equipment provider’s stock after buying an additional 6,785 shares during the period. State Street Corp owned 0.11% of Mitel Networks worth $939,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 77.94% of the company’s stock.

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About Mitel Networks

Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.

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