Perceptron (PRCP) Misses Q4 EPS by 7c

Perceptron (NASDAQ: PRCP) reported Q4 EPS of $0.04, $0.07 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $23.4 million versus the consensus estimate of $19.08 million.

Jeff Armstrong, President and CEO, commented, "We are clearly pleased to report record revenue and such strong year-over-year growth despite our significant exposure to the Euro. Our organic growth was highlighted by outstanding performance in North America and continued strength in China. Overall growth also benefited from steady revenue contributions from our newly acquired COORD3 and Next Metrology businesses. Over time, we anticipate that higher sales of our coordinate measurement machine (CMM) and 3D-measurement products will tend to mitigate the quarterly variability of our In Line measurement and automation businesses.

"This has been a breakout year for Perceptron in many respects, showing the results of a tremendous amount of work by our leadership and global teams. These results also are tangible evidence that the strategic plan we implemented in 2014 is working to rapidly move the Company forward.

"This year we successfully completed our first acquisitions in over 15 years, introduced more new, market-leading products than any similar period in our history, launched a global ERP system implementation, and diversified our business in a very meaningful fashion, with approximately 20% of full-year revenue from non-automotive sector customers.

Armstrong continued, "We continue to invest in business growth and in achieving our profitability goals. Excluding $1 million of currency impact and nearly $3 million of non-recurring expenses, our operating income would have been in-line with the improving profitability trend we had forecast.

"For fiscal year 2016, we foresee double-digit revenue growth as we expand our sales channels and start to see contributions from new products. We will continue to monitor the effects of changes in the Chinese and European economies on our business, but currently believe these can be overcome," Armstrong added.

For earnings history and earnings-related data on Perceptron (PRCP) click here.

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