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MiX Telematics Management Cut Q2 Sales Outlook; William Blair Critiques

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MiX Telematics Management Cut Q2 Sales Outlook; William Blair Critiques

William Blair revealed that Mix Telematics Ltd – ADR (NYSE: MIXT) has reduced the second-quarter sales forecast at an investors day pressured by oil and gas segments.

On August 4, while releasing first-quarter results, the company guided $22.0–$22.2 million in revenue for the second quarter. This included subscription revenue growth of 7.1–8 percent. For the full year, the company provided revenue guidance of $113.4–$115.6 million.

The brokerage came out of the investor day appreciating the company's products breadth and the gains from bundled deals. These would enable Mix Telematics to gain from the ELD mandate in the America besides potential for margin expansion.

Related Link: MiX Telematics Introduces Industry First Connected Asset Solution

On the flip side, William Blair pointed out the continued pressure from the oil and gas divisions is likely to hurt the revenue outlook between 3 and 4 percent on next earnings. However, the brokerage said that its long-term prospects on the company continue to remain intact as the company is placed "well competitively."

At time of writing, MiX was down 1.29 percent at $5.37.

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Latest Ratings for MIXT

DateFirmActionFromTo
Oct 2020Canaccord GenuityMaintainsBuy
Dec 2018Raymond JamesMaintainsStrong BuyStrong Buy
Aug 2018Raymond JamesUpgradesOutperformStrong Buy

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