PC-Tel Narrows Loss, Beats Estimates (PCTI)

Bloomingdale, Illinois based PC-Tel, Inc. PCTI on Monday morning released financial results that beat Wall Street expectations. PC-Tel, Inc. (PCTI) reported that its 2nd quarter net loss narrowed to $1.03 million, or 6 cents per share, from a loss of $1.3 million, or 7 cents per share, a year earlier. Excluding special items, the company earned 6 cents per share. The company's revenue climbed 33% to $17.8 million, up from $13.4 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 4 cents per share, on revenue of $16.39 million. Chairman and CEO Marty Singer said, "We were pleased with the strong growth in some of our key vertical markets, including Smart Grid, Defense, and Wireless Test and Measurement." PC-Tel, Inc. closed Friday trading at $5.80 per share. Analysts covering the company's stock have a consensus price target of $7.26 per share. Read more from Benzinga's Company news.