Perceptron (PRCP) Reports Q1 EPS of $0.09, Revenue Beat

Perceptron (NASDAQ: PRCP) reported Q1 EPS of $0.09, versus $0.00 reported last year. Revenue for the quarter came in at $21.5 million versus the consensus estimate of $19.5 million.

David Watza, President and CEO, commented, “We are pleased to announce solid top-line growth for the first quarter of fiscal 2019, which reflects our continued focus on improving performance to deliver competitive products, as well as our cost-cutting and efficiency efforts. As a result, our team achieved record-setting first quarter results with over $21 million in net sales.

“We remain confident in the strategic plan we have established and continue to experience strength in key automotive customer demand metrics, as evidenced by our record first quarter net sales. We’ve maintained our focus on continuing to deliver improvement efforts and new product developments for our core automotive business and its adjacencies, including our existing customers, potential new automotive customers and their suppliers. We firmly believe that as we execute on the strategic improvement plan for our core automotive business, our implemented advancements will provide Perceptron with increased penetration as well as additional opportunities in the future,” Watza added.

“Looking ahead to our second quarter of fiscal year 2019, we expect revenue in the range of $18.5 million to $21.5 million and maintain our target of mid-single digit growth in our top-line results for the full year fiscal 2019. We continue to see strong demand for our current products and solutions. Additionally, recent success with new products as well as positive customer feedback, provides the Company with increasing confidence in our longer-term aspirations of sustained high-single digit revenue growth and resulting double-digit earnings growth,” Watza concluded.

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

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