Home Top Movers Plantronics (PLT) Stock Surging 23% In Early Trades, Why?

Plantronics (PLT) Stock Surging 23% In Early Trades, Why?

Shares of integrated communications and collaboration solutions provider Plantronics Inc. (PLT) are soaring more than 20% in the early hours of Friday trading. The company whose official name is still Plantronics Inc but it now uses the name Poly, yesterday posted surpassing fiscal third-quarter 2021 results.

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Business profile:


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Poly is a major provider of advanced audio and video technology since it provides quality goods for audio and video so that consumers can have their best experience. Poly develops, creates, and sells connectivity solutions, including headphones, desk phones, products for video and audio conferencing, applications, and services for analytics. These products are uniquely built and engineered by Poly to associate individuals with unparalleled clarity.

Financial highlights:

For the quarter ended December 26, 2020, Plantronics posted GAAP revenue of $485 million compared to $384 million generated in the fiscal third quarter of 2020. After adjustments, EBITDA came at $100 million compared to $43 million posted in the corresponding quarter in fiscal 2020. GAAP diluted EPS remained $0.48 per share in the reported quarter which was a loss of $1.97 in the same quarter a year ago.

The Santa Cruz, California-headquartered company posted operating income of $29 million, whereas, in the year-ago quarter, it was an operating loss of -$77 million. Cash flow generated from the operation was $31 million in the fiscal third quarter of 2021 compared to a negative flow of -$17 million in the corresponding quarter.

Poly reported commercial success from Professional Headset and Video, with device shipments far beyond doubled annual growth in each segment, reflecting the massive change in the way work is performed, where work is done, and the value of secure communication with high fidelity.

The Business also unveiled the Poly Studio P Series, a new family of specialized video solutions for prosumers, addressing the growing demand for technologies that empower professionals to operate from anywhere, to conveniently communicate using any platform, and to experience quality service and support.

The group repaid $12M in debt during the quarter and made $245 million in cash and short-term investments, paving the way for further de-leveraging.

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Price at last check:

The stock was buoying at $43.35 with a rise of +23.33% as of 12:25 p.m. EST.

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