InfoSonics shares jumped in Wednesday’s pre-market session after the provider of wireless handsets, tablets and accessories reported a nearly sixfold surge in Q4 earnings as sales jumped by 51% amid a strong increase in selling prices. IFON was up 41% at $2.40 in recent pre-market trading, in a 52-week range of $1.06 to $4.69.
Net income soared to $730 million, or $0.05 per share, from $125 million, or $0.01 per share, a year earlier. Net sales jumped to $17.9 million from $11.9 million a year earlier. No analyst estimates were available via Capital IQ. Unit shipments during the quarter declined by 4%, but the average selling price per unit rose 57%.
“We sold a higher mix of smartphones in the fourth quarter and our average selling price per unit was up 57% over the prior-year quarter,” said CEO Joseph Ram. “We feel positive looking ahead to 2015 as we have significantly refreshed our product portfolio and plan to continue to do so at a more rapid pace than in the past.”
