Ubiquiti Q4 Profit Rises; Stock Up

(RTTNews) - Ubiquiti Inc. (UI) reported that its fourth-quarter net income rose to $154.33 million or $2.46 per share from last year's $92.62 million or $1.45 per share, primarily driven by an increase in revenue and higher gross margin.

In Friday pre-market trade, UI was trading at $322.00 up $21.46 or 7.14%.

Non-GAAP net income per share was $2.47 compared to $1.46 in the previous year.

Revenues for the fourth quarter were $477.9 million, representing an increase from the comparable prior year period of 51.5%. Analysts polled by Thomson Reuters expected the company to report revenues of $463.93 million for the quarter. Analysts' estimates typically exclude special items.

The company's board declared a $0.60 per share cash dividend payable on September 15, 2021 to shareholders of record at the close of business on September 7, 2021.