Zagg Incorporated (NASDAQ:ZAGG) reported Q2 EPS of $0.19, better than analyst estimates of $0.12 per share. Revenues for the quarter rose 157% year-over-year to $38.80 million, beating consensus estimates of $25.34 million.
The Company is raising its 2011 guidance for revenues to $160 million - $170 million, from a previous range of $105 million - $110 million, to reflect an improved outlook for the sale of its products as a result of expanding distribution and increased product offerings, and the acquisition of iFrogz.
Robert G. Pedersen II, CEO and President said, "ZAGG's operational performance in the quarter was extremely strong. During the second quarter we saw revenue growth due to our expanding retail channel, and the increase in product we are putting into the channel. The market for smartphones and tablets continues to rapidly expand, and we are well positioned as a leading accessories provider, especially since our acquisition of iFrogz, which broadens our product offering, expands our distribution to new channels and brings the youth demographic into our mix. We are excited about the roll out of iFrogz product on our website, as well as the expansion of our tablet keyboard offerings with the ZAGGfolio(TM) and the new ZAGGkeys(TM) SOLO(TM). We feel that these additions will have an immediate impact to our online sales."
Zagg (NASDAQ:ZAGG) has a potential upside of 30.7% based on a current price of $14.73 and an average consensus analyst price target of $19.25.