Cray (CRAY) Tops Q1 EPS by 2c; Guides Q2 Revenue Below

Cray (NASDAQ: CRAY) reported Q1 EPS of ($0.53), $0.02 better than the analyst estimate of ($0.55). Revenue for the quarter came in at $72 million versus the consensus estimate of $70.63 million.

GUIDANCE:

Cray sees Q2 2019 revenue of $70 million, versus the consensus of $101.6 million.

For 2019, while a wide range of results remains possible, Cray continues to expect revenue to grow modestly compared to 2018. Revenue is expected to be about $70 million for the second quarter of 2019. For the year, GAAP and non-GAAP gross margins are expected to be in the 30% range. Operating expenses will increase in 2019, primarily driven by investments made toward the exascale award announced today. For 2019, non-GAAP operating expenses are expected be in the range of $215 million for the year, and total non-GAAP adjustments are expected to be about $16 million, driven primarily by share-based compensation. Based on this outlook, the Company continues to expect a substantial GAAP and non-GAAP net loss for 2019.

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

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