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Lantronix boosted by strong European IoT business

Lantronix, a global provider of secure data access and management solutions for the industrial Internet of Things (IoT) has seen shares rise after it reported strong EMEA growth. It is up 6.2% in light after-hours trading following a revenue beat in its fiscal Q2 earnings.

Net income rose by 15% (non-GAAP) as gross profit margin dipped to 55% from a previous 55.7%.

Revenue by product line: Internet of Things, $9.07M (up 13.9%); IT Management, $2.89M (down 10.3%); Other, $156,000 (down 0.1%).

Revenue by region: Americas, $6.18M (down 1.7%); EMEA, $4.08M (up 28.6%); Asia Pacific/Japan, $1.85M (down 1.1%).

“I am pleased with our second quarter results and that we met our revenue guidance for the first half by delivering double digit organic top-line growth,” said Jeff Benck, Lantronix CEO.  “We continued to generate cash and earnings while increasing our investment in new products and building out our go to market teams.  The new products we introduced in the first half, coupled with our solid IoT design win pipeline, bode well for our long-term growth prospects.”