Plantronics (PLT) Tops Q4 EPS by 9c, Sales Miss; Guides Q1 Below Views

Plantronics (NYSE: PLT) reported Q4 EPS of $0.81, $0.09 better than the analyst estimate of $0.72. Revenue for the quarter came in at $209 million versus the consensus estimate of $217.11 million.

GUIDANCE:

Plantronics sees Q1 2018 EPS of $0.70-$0.80, versus the consensus of $0.85. Plantronics sees Q1 2018 revenue of $211-221 million, versus the consensus of $225.2 million.

"We achieved our revenue and profitability targets for the fiscal year, and while fourth quarter Consumer product revenues were weaker than anticipated, we are pleased to have achieved better than expected 10% growth in Consumer revenues for the full year," stated Joe Burton, President and CEO. "We have a strong pipeline of products in all major categories, and are targeting an improved revenue growth rate for our Enterprise category in Fiscal Year 2018. The introduction of our Plantronics Manager Pro v3.9 software was met with an enthusiastic reception from both partners and Enterprise customers, and we believe our software offerings and vision provide a strategic advantage in the Enterprise market."

"We achieved our goal of improved Non-GAAP operating margins for Fiscal Year 2017, excluding an extraordinary $4.9 million litigation charge in the first quarter," stated Pam Strayer, Senior Vice President and Chief Financial Officer. "Excluding this charge, we improved our Non-GAAP operating margins by 50 basis points compared to the prior fiscal year. Throughout Fiscal Year 2017, our focus on improving efficiency and implementing cost reductions resulted in a substantially improved cost structure from the previous year; in part, this drove a 270 basis point improvement in Non-GAAP operating margins in the fourth quarter of Fiscal Year 2017 versus the prior year quarter. Through additional cost reduction activities taken in the fourth quarter of Fiscal Year 2017, we entered Fiscal Year 2018 well positioned to drive further Non-GAAP operating margin improvement of 50 to 100 basis points for the full fiscal year, while continuing to invest in several new growth opportunities, including software and Soundscaping.”

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

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