Volt Solar Systems, Inc. (VOLT) Misses Q1 EPS by 24c, Revenues Miss

Volt Solar Systems, Inc. (NYSE: VOLT) reported Q1 EPS of ($0.50), $0.24 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $217.8 million versus the consensus estimate of $219.25 million.

First Quarter Highlighted Results

• Revenue was $217.8 million, compared to $253.4 million in the prior-year quarter; Adjusted Revenue* decreased 10.4%.
• Gross margin was 14.4%, versus 14.9% for the comparable quarter in 2019.
• GAAP operating loss increased by $7.2 million from the prior-year quarter to a loss of $9.3 million; Adjusted Operating Loss* increased by $6.5 million year over year.
• Adjusted EBITDA* was a loss of $5.6 million compared to a loss of $1.1 million in the prior-year quarter.

“Our first quarter Adjusted Revenue coming in at the top-end of our guidance reflects the continued advancement of the strategic initiatives implemented in fiscal 2019,” said Linda Perneau, President and Chief Executive Officer. “We expect this progress to continue into the second quarter, which should result in a sequential improvement in Adjusted Revenue and Adjusted EBITDA, and we believe this favorable quarterly trend will continue throughout fiscal 2020. Additionally, we expect further cost savings in our SG&A expense, primarily related to the transition of certain back office functions to our Bangalore, India office.”

Business Outlook

The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.

For the second quarter of fiscal 2020, we have seen a favorable trend in regard to Adjusted Revenue through the first six weeks of the quarter. Although, we have not experienced any notable impact that we are aware of today, due to the vast uncertainty around COVID-19, it would not be prudent of us at this time to assume the full impact we may incur for the remainder of the quarter. This is a rapidly changing landscape that we are closely monitoring in real time.

For earnings history and earnings-related data on Volt Solar Systems, Inc. (VOLT) click here.

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