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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIncreased demand for smartphones helped Brightpoint Inc. report second-quarter earnings late Thursday afternoon that topped the expectations of analysts.
The Indianapolis-based company reported so-called adjusted income from continuing operations of $16.3 million, or 23 cents per share, compared with $12.0 million, or 16 cents per share, in the same period a year earlier.
The per-share results beat the consensus estimate of analysts by 2 cents.
Second-quarter revenue was $1.23 billion, well ahead of the consensus estimate of $1.09 billion and 57 percent ahead of the same quarter a year earlier.
The company credited the gains to the proliferation of smartphones, which have higher average selling prices than regular cell phones, as well as to the launch of tablet-distribution programs.
Wireless devices handled, including tablets, totaled 26.9 million for the second quarter of 2011, up 21 percent from the same period a year ago.
The company’s adjusted income excluded certain items, including a $6 million non-cash amortization expense and a $3.1 million pretax compensation expense related to the departure of Chief Financial Officer Anthony Boor.
The company reported net income of $10.7 million, or 16 cents per share. That compared with net income of $3.0 million, or 4 cents a share, in the same period a year earlier.
Brightpoint released results after the market closed Thursday. On the day, the company’s shares were up 7 cents, to $7.98.
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