Orion Energy Systems (OESX) Misses Q2 EPS by 3c

Orion Energy Systems (NASDAQ: OESX) reported Q2 EPS of ($0.13), $0.03 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $15.7 million versus the consensus estimate of $17.75 million.

“We have made significant strides in transforming Orion into a leading manufacturer of high-performance, energy efficient LED platforms. Fueled by growing acceptance of the technology and our unmatched value proposition, LED sales reached a new record of 72% of total lighting product revenue during the quarter, while our margins expanded significantly year-over-year. We continue to win highly competitive contracts with Fortune 500 companies, as well as creating beachheads in new verticals, such as education, with two of the three largest school districts in the country installing Orion’s products,” said John Scribante, Chief Executive Officer. “As we move into the second half of the fiscal year, our pipeline remains robust; however, we are expecting a slight shift in terms of our historic seasonality that typically follows CapEx spending cycles. We feel confident that our initiatives for 2016, namely growing LED revenues, driving innovation, and improving gross and operating margins, will continue to position Orion to capitalize on the substantial market opportunity in LED retrofit lighting.”

For earnings history and earnings-related data on Orion Energy Systems (OESX) click here.

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