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    SONO   US83570H1086

SONOS, INC.

(SONO)
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Sonos forecasts 2022 sales above estimates; shares rise

11/17/2021 | 05:35pm EST

Nov 17 (Reuters) - Sonos Inc on Wednesday forecast fiscal 2022 sales above analyst estimates, despite facing backlogs for its smart speakers because of supply constraints.

Sonos said it expects fiscal 2022 sales of between $1.925 billion and $2 billion, above Wall Street estimates of $1.86 billion, according to IBES data from Refinitiv.

Shares of Sonos were up 4.6% to $35 in after-hours trading following the results.

For the fiscal fourth quarter ended Oct. 2, Sonos reported sales of $359.54 million and a profit, excluding items, of 8 cents per share, compared with expectations for sales of $360.2 million and a loss of 7 cents per share, according to Refinitiv data.

Santa Barbara, California-based Sonos has fended off challenges from major tech companies such as Apple Inc that tried to enter the market for premium-priced smart speakers but have since scaled back to lower price points. Sonos earlier this year introduced Roam, a sub-$200 product that aims to introduce the Sonos brand to a broader audience.

Sonos said it expects gross margins of 46% to 47% for fiscal 2022, in line with analyst expectations. The company in recent years diversified its supply chain away from China to include Malaysian factories in an effort to mitigate U.S. tariffs. This year, it has worked though both chip shortages and backups at U.S. ports.

Chief Executive Patrick Spence said the company imports its products via planes and ships, depending on the size.

"We've particularly pushed on air to try and make sure that we're meeting customer needs in the holiday period," Spence told Reuters, noting that the uptick in air cargo is factored into the company's margin forecast. "We'll do whatever we can to sustainably bring products in and be smart about that."

Sonos also said it had finished a $100 million share buyback program and would initiate a new $150 million repurchase program. (Reporting by Stephen Nellis in San Francisco; Editing by Leslie Adler and Peter Cooney)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.14% 159.78 Delayed Quote.-10.02%
SONOS, INC. -2.05% 22.95 Delayed Quote.-22.99%
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Analyst Recommendations on SONOS, INC.
More recommendations
Financials (USD)
Sales 2022 1 947 M - -
Net income 2022 184 M - -
Net cash 2022 814 M - -
P/E ratio 2022 17,2x
Yield 2022 -
Capitalization 2 929 M 2 929 M -
EV / Sales 2022 1,09x
EV / Sales 2023 0,85x
Nbr of Employees 1 525
Free-Float 98,2%
Chart SONOS, INC.
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Sonos, Inc. Technical Analysis Chart | SONO | US83570H1086 | MarketScreener
Technical analysis trends SONOS, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 22,95 $
Average target price 45,33 $
Spread / Average Target 97,5%
EPS Revisions
Managers and Directors
Patrick Spence President, Chief Executive Officer & Director
Brittany Bagley Chief Financial Officer
Michelangelo A. Volpi Chairman
Maxime Bouvat-Merlin Senior VP-Hardware & Operations
Julius Genachowski Independent Director
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