Cray (CRAY) Tops Q1 EPS by 12c; Updates on FY16 Outlook

Cray (NASDAQ: CRAY) reported Q1 EPS of ($0.13), $0.12 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $105.5 million versus the consensus estimate of $100.8 million.

Outlook For 2016, a wide range of results remains possible for each remaining quarter and the year.

While the Company continues to expect revenue to be in the range of $825 million for the year, there is an increased level of risk to achieving this target. This increased risk is driven by the Company's reliance on key third-party components, some of which have already been delayed, and the level and timing of new orders. Revenue is expected to be in the range of $100 million for the second quarter and the fourth quarter is anticipated to be about 60% of total revenue for the year. Non-GAAP gross margin for the year is expected to be in the range of 33%. Non-GAAP operating expenses for the year are anticipated to be about $205 million. Based on this outlook, the Company expects to improve its GAAP and non-GAAP operating profit margins for 2016 as compared to 2015.

For earnings history and earnings-related data on Cray (CRAY) click here.

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