Telit's automotive arm received the first purchase order from Tesla for all its Model 3 cars Telit Communications said it received its purchase order from Tesla for its Model 3 cars, and this source of revenue is expected to become more significant in the future. Industrial Internet of Things specialist Telit Communications (LON:TCM) has been hit by delayed US certifications for long term evolution (LTE) wireless communication products. In its results statement for the first half of 2017, the company noted that although revenues were up 6% year-on-year, they would have been higher still but for a number of factors, including the aforementioned certification delays. The group issued a wide guidance range of US$400mln to US$430mln for full-year revenues, reflecting the timing of certifications for the LTE CAT-1 VoLTE product and a handful of large scale deployments, all of which could be deployed slower than planned. Telit said any delayed revenues expected in the second half of the year would come through in 2018. The group expects adjusted underlying earnings (EBITDA) for 2017 to be between US$47 million and US$60 million (2016: $54.4 million), with the wide guidance range reflecting the possible results of the revenue range.
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