Kornit Digital (KRNT) Misses Q4 EPS by 4c, Revenues Miss

Kornit Digital (NASDAQ: KRNT) reported Q4 EPS of $0.08, $0.04 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $37.8 million versus the consensus estimate of $38.22 million.

• Fourth quarter 2018 revenues increased by 26.2% to $37.8 million.
• Full year revenues growth of 24.8% to a record $142.4 million, fueled by strong demand for Kornit’s HD portfolio of solutions.
• Successful business and organizational transformation in North America.
• Continued business momentum in EMEA, driven by shift to industrial systems, leading to a 42.7% year-over-year growth in revenues.
• Full year services revenues grew by 37.2% to $16.6 million.
• Fourth quarter 2018 GAAP operating profit increased by $1.4 million; Non-GAAP operating profit increased by $1.8 million, or 160.0% year-over-year.
• Fourth quarter 2018 GAAP net income of $0.19 per diluted share; Non-GAAP net income doubled to $0.08 per diluted share, net of $0.04 per diluted share attributed to the non-cash impact of warrants.
• Record cash flow from operations $15.7 million in the fourth quarter and $33.4 million on an annual basis.
• Company completed development of multiple new products to be launched in 2019.

Ronen Samuel, Kornit Digital’s Chief Executive Officer commented, “We finished 2018 with accelerating momentum which delivered record quarterly sales. Our success in 2018 is attributable to another year of product innovation highlighted by the launch of HD systems and upgrades. Looking at the year ahead, we have a strong pipeline of unprecedented innovation, including the recently released Atlas which is already gaining momentum, and our dark poly solution which is in beta testing with general availability in Q2-2019.”

Samuel concluded… “We are investing in our business to drive long-term growth through new technology and improvements in our go-to-market strategy. These improvements will expand total impressions made on Kornit systems, as we continue to optimize total cost of ownership, expanding our reach into new segments and lead the industry in print quality.”

For earnings history and earnings-related data on Kornit Digital (KRNT) click here.

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