RTTNews | Nov 16, 2021 10:18AM EST

10:18 Tuesday, November 16, 2021 (RTTNews.com) - Axon Enterprise, Inc. (AXON) shares are trading more than 7 percent higher on Tuesday morning after the company reported a swing to profit in the third quarter, supported by a tax benefit, from a loss last year. The company also updated revenue projections for full-year 2021.

The provider of connected public safety technologies posted third-quarter net profit of $48.52 million or $0.67 per share compared to net loss of $47.12 million or $0.72 per share a year ago. On an adjusted basis, earnings were $1.17 per share.

Net sales for the quarter increased to $231.99 million from $218.79 million in the prior year.

The company said its full-year 2021 revenue projections will be in a range of $840-$850 million, with an expected growth of up to 25 percent from the prior year.

Currently, shares are trading at $180.01, up 7.52 percent from the previous close of $167.41 on a volume of 1,235,556. For the 52-week period, the shares have traded in a range of $115.57-$212.37 on average volume of 328,884.

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