Smart home company SmartRent (NYSE: SMRT) will be reporting results tomorrow before market hours. Here’s what to expect.
SmartRent beat analysts’ revenue expectations last quarter, reporting revenues of $36.2 million, down 10.6% year on year. It was a strong quarter for the company, with a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ adjusted operating income estimates.
Is SmartRent a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting SmartRent’s revenue to grow 2.6% year on year, a reversal from the 41.3% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SmartRent has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at SmartRent’s peers in the internet of things segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Trimble’s revenues decreased 1.4% year on year, beating analysts’ expectations by 2.3%, and Rockwell Automation reported revenues up 11.9%, topping estimates by 1.4%. Trimble traded down 2.7% following the results while Rockwell Automation was also down 3.4%.
Read our full analysis of Trimble’s results here and Rockwell Automation’s results here.
There has been positive sentiment among investors in the internet of things segment, with share prices up 3.6% on average over the last month. SmartRent is down 4.5% during the same time and is heading into earnings with an average analyst price target of $1.73 (compared to the current share price of $1.59).
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