Sierra Wireless (NASDAQ: SWIR) shares are rising on Friday after the company revealed it expects revenue for the fourth quarter of 2020 to be above Wall Street consensus of $116.5 million.
In further positive news for the company and its investors, Sierra also expects revenue for the first quarter of 2021 to be above the consensus of $110 million. They will also report approximately $170 million in cash and no debt at the end of December 31, 2020.
The Canadian wireless communications equipment designer’s shares rose to highs of $22.06 after the opening bell; however, they are now trading at $21.01 up 14.18% on the day.
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Elsewhere it was revealed that the group’s president and CEO, Kent Thexton plans to retire from his position. Thexton will remain with the company until June 30 with the board having commenced the process to find his successor.
“Kent has been a valuable and tireless leader for Sierra Wireless in both his roles as Chair of the Board and as President & CEO,” said Robin Abrams, Chair of the Board of Directors.
“It has been a great privilege for me to serve as the President & CEO of Sierra Wireless over the past two and a half years,” said Thexton.
“Given that much of the work of the transformation is now behind us and Sierra Wireless is in prime position to fully capitalize on the tremendous growth happening in the IoT market, the timing is right to bring in a long-term leader to run the business,” the outgoing president added.