Plantronics (PLT) Tops Q1 EPS by 6c; Guides, Announces 1M Stock Buyback

Plantronics (NYSE: PLT) reported Q1 EPS of $0.76, $0.06 better than the analyst estimate of $0.70. Revenue for the quarter came in at $223.1 million versus the consensus estimate of $216.7 million.

Announcing a new 1,000,000 share repurchase program to commence after repurchasing the approximately 90,000 shares remaining under the existing 1,000,000 share repurchase program.

"Our upside to expectations was driven by record results in Unified Communications and our strongest ever non-holiday quarter in Consumer Stereo Bluetooth products. In addition, our award winning mono Bluetooth product, the Voyager 5200, strengthened our position, resulting in year over year revenue growth and further share gains," stated Ken Kannappan, President & CEO. "We are targeting an improved Non-GAAP operating margin in fiscal year 2017 compared with the prior year."

"Our operating expenses grew at a lower rate than revenues, resulting in operating profit growth of 3.2% and EPS growth of 13%, despite a one-time $5 million charge related to the GN litigation," stated Pam Strayer, Senior Vice President and Chief Financial Officer. "We continue to focus on building a scalable organization and developing new revenue opportunities, while managing our expenses for operating margin expansion in fiscal 2017."

GUIDANCE:

Plantronics sees Q2 2017 EPS of $0.73-$0.83, versus the consensus of $0.78. Plantronics sees Q2 2017 revenue of $215-225 million, versus the consensus of $215.51 million.

For earnings history and earnings-related data on Plantronics (PLT) click here.

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