Plantronics (PLT) Tops Q3 EPS by 16c, Revenues Miss; Offers Q4 EPS/Revenue Guidance Below Consensus

Plantronics (NYSE: PLT) reported Q3 EPS of $0.30, $0.16 better than the analyst estimate of $0.14. Revenue for the quarter came in at $392 million versus the consensus estimate of $400.51 million.

"While we are disappointed with our results this quarter, particularly Enterprise headsets, we have now begun shipping the first products built on our next-generation architecture for the cloud-connected world," said Joe Burton, President and Chief Executive Officer. "As we ramp the new product portfolio and address our sales and channel distribution issues, we are committed to return to sustained profitable revenue growth."

"We reduced both channel and on-hand inventory in fiscal Q3," said Chuck Boynton, Executive Vice President and Chief Financial Officer. "In addition, we are announcing the sale of our Consumer Gaming business, which we expect to improve margins and working capital. Lastly, we continue to optimize the remaining Consumer portfolio to improve focus and profitability."

GUIDANCE:

Plantronics sees Q4 2020 EPS of ($0.36)-$0.19, versus the consensus of $0.51. Plantronics sees Q4 2020 revenue of $354-394 million, versus the consensus of $441 million.

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

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