Yahoo Finance Q4 Earnings Outperformers: PowerFleet (NASDAQ:PWFL) And The Rest Of The Internet of Things Stocks
The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how internet of things stocks fared in Q4, starting with PowerFleet (NASDAQ:PWFL).
Industrial Internet of Things (IoT) companies are buoyed by the secular trend of a more connected world. They often specialize in nascent areas such as hardware and services for factory automation, fleet tracking, or smart home technologies. Those who play their cards right can generate recurring subscription revenues by providing cloud-based software services, boosting their margins. On the other hand, if the technologies these companies have invested in don’t pan out, they may have to make costly pivots.
The 8 internet of things stocks we track reported a mixed Q4; on average, revenues beat analyst consensus estimates by 1.2%. while next quarter's revenue guidance was 2.6% below consensus. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance due to mixed inflation data, but internet of things stocks have performed well, with the share prices up 12.5% on average since the previous earnings results.
PowerFleet (NASDAQ:PWFL)
Having worked with some of the most notable companies in USPS and General Electric, PowerFleet (NASDAQ:PWFL) provides fleet and asset management systems and software for various industries.
PowerFleet reported revenues of $34.65 million, up 2.3% year on year, exceeding analysts' expectations by 2.1%. Despite the top-line beat, it was a slower quarter overall for the company with a miss of analysts' earnings estimates.
The stock is up 59.5% since reporting and currently trades at $4.61.
Read our full report on PowerFleet here, it's free.
Best Q4: Rockwell Automation (NYSE:ROK)
One of the first companies to address industrial automation, Rockwell Automation (NYSE:ROK) sells products that help customers extract more efficiency from their machinery.
Rockwell Automation reported revenues of $2.13 billion, down 6.6% year on year, outperforming analysts' expectations by 3.5%. It was an exceptional quarter for the company with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
The market seems content with the results as the stock is up 2.5% since reporting. It currently trades at $284.61.
Is now the time to buy Rockwell Automation? Access our full analysis of the earnings results here, it's free.
Weakest Q4: SmartRent (NYSE:SMRT)
Founded by an employee at a real estate rental company, SmartRent (NYSE:SMRT) provides smart home devices and software for multifamily residential properties, single-family rental homes, and student housing communities.
SmartRent reported revenues of $50.49 million, down 22.4% year on year, falling short of analysts' expectations by 1.2%. It was a weak quarter for the company with a miss of analysts' earnings estimates.
SmartRent posted the slowest revenue growth in the group. Interestingly, the stock is up 2% since the results and currently trades at $2.50.
Read our full analysis of SmartRent's results here.
Emerson Electric (NYSE:EMR)
Founded in 1890, Emerson Electric (NYSE:EMR) is a multinational technology and engineering company providing solutions in the industrial, commercial, and residential markets.
Emerson Electric reported revenues of $4.38 billion, up 16.5% year on year, surpassing analysts' expectations by 2%. More broadly, it was a very strong quarter for the company with a decent beat of analysts' earnings estimates.
Emerson Electric achieved the fastest revenue growth among its peers. The stock is up 9.1% since reporting and currently trades at $117.15.
Read our full, actionable report on Emerson Electric here, it's free.
Trimble (NASDAQ:TRMB)
Playing a role in the construction of the Paris Grand, Trimble (NASDAQ:TRMB) offers geospatial devices and technology to the agriculture, construction, transportation, and logistics industries.
Trimble reported revenues of $953.3 million, up 4.1% year on year, surpassing analysts' expectations by 4.5%. More broadly, it was a solid quarter for the company with a decent beat of analysts' earnings estimates.
Trimble scored the biggest analyst estimates beat among its peers. The stock is down 2.1% since reporting and currently trades at $58.81.
Read our full, actionable report on Trimble here, it's free.
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