SIERRA WIRELESS $31.67 (Toronto symbol SW; TSINetwork Rating: Extra Risk)(604-231-1100; www.sierrawireless.com; Shares outstanding: 32.1 million; Market cap: $1.1 billion; No dividends paid) makes modules that connect products—including smart electricity meters and vehicles—to the Internet. This is known as machine to machine, or more generally as the Internet of Things.
In the three months ended March 31, 2015, the company’s revenue rose 24.1%, to a record $150.4 million from $121.2 million a year earlier (all figures except share price and market cap in U.S. dollars). Sierra continues to add new customers.
Excluding one-time items, the company earned $7.2 million, or $0.22 a share, compared to just $483,000, or $0.02, a year earlier. Sierra sold more high-margin cloud-based services to large customers during the latest quarter. It also cut its costs.
To stay ahead of the competition, Sierra devotes a high 15% of its revenue to research. It’s also making acquisitions, but it’s focusing on smaller software firms and companies with specific expertise in connecting machines.
The company holds cash of $99.6 million, or $3.10 a share, and has low debt. The stock trades at 25.1 times Sierra’s forecast 2015 earnings of $1.26 a share. That’s high, but it’s still acceptable in light of the company’s high research spending and strong prospects in an expanding industry.
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