Zebra Technologies Corporation ZBRA reported solid third-quarter 2021 results, with earnings and sales surpassing estimates by 14.3% and 3%, respectively.The company’s adjusted earnings per share in the reported quarter came in at $4.55, outpacing the Zacks Consensus Estimate of $3.98. The bottom line also increased 39.1% on a year-over-year basis.Revenues & Segmental PerformanceIn the third quarter, Zebra generated net sales of $1,436 million, reflecting a year-over-year increase of 26.9%. The improvement was driven by a 23.2% increase in organic sales, a 1.3% contribution from acquisitions, and a 2.4% gain from movements in foreign currencies. The top line surpassed the Zacks Consensus Estimate of $1,395 million.The company reports revenues under the segments discussed below:Revenues from the Asset Intelligence & Tracking segment were $386 million, up 13.9% year over year. The increase was driven by a 12.1% growth in organic sales and a 1.8% gain from movements in foreign currencies.The Enterprise Visibility & Mobility segment’s revenues were $1,050 million, up 32.1% year over year. The results benefited from 27.9% growth in organic sales, 1.6% benefits from acquisitions, and a 2.6% gain from movements in foreign currencies.Zebra Technologies Corporation Price, Consensus and EPS Surprise Zebra Technologies Corporation price-consensus-eps-surprise-chart | Zebra Technologies Corporation QuoteMargin ProfileIn the third quarter, Zebra’s cost of sales totaled $790 million, reflecting a rise of 23.6% from the year-ago quarter. Total operating expenses in the quarter were $409 million, reflecting an increase of 19.2%.Net income in the reported quarter increased 71.6% year over year to $199 million while adjusted margin expanded 370 basis points to 13.9%.Balance Sheet and Cash FlowExiting the third quarter, the company had cash and cash equivalents of $307 million, down 3.5% from $318 million recorded at the end of the prior quarter. Long-term debt was down 0.4% sequentially to $940 million.In the first nine months of 2021, it generated net cash of $836 million from operating activities compared with $531 million in the year-ago period. In the same time frame, its net debt repayments totaled $256 million and interest payments were $25 million. Capital expenditure was $38 million. Free cash flow was $798 million, reflecting an increase of 65.6% from the year-ago period.In the first nine months of 2021, the company repurchased shares worth $25 million compared with $200 million in the year-ago period.OutlookFor the fourth quarter of 2021, Zebra estimates adjusted net sales to grow 8-12% on a year-over-year basis. Adjusted earnings are projected to lie in the range of $4.20 to $4.50. Adjusted effective tax rate is likely to be about 18%.For 2021, the company expects free cash flow to be a minimum of $950 million.Zacks Rank & Stocks to ConsiderThe company currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the Zacks Industrial Products sector are Alcoa Corporation AA, AZZ Inc. AZZ, and Franklin Electric Co., Inc. FELE. While Alcoa and AZZ currently sport a Zacks Rank #1 (Strong Buy), Franklin Electric carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Alcoa delivered an earnings surprise of 39.77%, on average, in the trailing four quarters.AZZ delivered an earnings surprise of 25.47%, on average, in the trailing four quarters.Franklin Electric delivered an earnings surprise of 16.27%, on average, in the trailing four quarters. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alcoa (AA): Free Stock Analysis Report AZZ Inc. (AZZ): Free Stock Analysis Report Franklin Electric Co., Inc. (FELE): Free Stock Analysis Report Zebra Technologies Corporation (ZBRA): Free Stock Analysis Report To read this article on Zacks.com click here.