Digi International Nearly Doubles Quarterly Profit (DGII)

Minnetonka, Minnesota-based Digi International Inc. DGII released financial results on Wednesday after the market closed. Digi International Inc announced that its 1st quarter net income climbed to $2.3 million, or 9 cents per share, up from $1.2 million, or 5 cents per share, a year earlier. Excluding special items, the company reported earnings of 7 cents per share. Digi International Inc reported revenue of $48.3 million, up 12.5% from $43.0 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 8 cents per share, on revenue of $48.06 million. CEO Joe Dunsmore said, “2011 has started as a year of continued profitability and top-line growth. The first fiscal quarter of 2011 marked Digi's thirty-second consecutive quarter of profitability. We continued to show solid growth momentum in our wireless product lines and thus we believe we are in a very strong market position for the remainder of the fiscal year." The company forecast 2nd quarter EPS in the range of 6 cents to 10 cents, on revenue of $47.5 million to $50.5 million. Digi International Inc. (DGII) finished the trading day at $11.28 per share. The consensus price target of analysts covering the company's stock is $13.83 per share. Digi International Inc is making wireless M2M easy by developing reliable products and solutions to connect and securely manage local or remote electronic devices over the network or via the Web. Read more from Benzinga's Company news.