Vicor Corp (VICR) Misses Q1 EPS by 9c

Vicor Corp (NASDAQ: VICR) reported Q1 EPS of ($0.04), $0.09 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $63.4 million versus the consensus estimate of $63.3 million.

Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q1 revenues fell short of forecast as supply chain delays caused production inefficiencies. Sequentially lower gross margins reflected these circumstances and higher new product development expenses contributed to a net loss for the period.”

“Our outlook for Q2 is for a sequential increase in revenue and a return to net profitability. While protecting the health of employees and confronting the challenges of the COVID-19 pandemic, we continue to operate our manufacturing facilities as an essential business supplying customers that depend on us.”

Dr. Vinciarelli concluded, “Orders booked in Q1 and the pace of activity in early Q2 reflect strengthening demand for Advanced Products. Despite near-term uncertainties due to the pandemic, 48V adoption in AI, data center servers and vehicle electrification, is a precursor to accelerating demand. We are, therefore, adding a new wing to our Andover manufacturing facility. Ready for occupancy in Q1 2021, the new wing will enable us to essentially double capacity for Advanced Products and vertically integrate all of the process steps necessary to manufacture ChiPs (“Converters Housed in Package”) utilizing 3D power packaging technology pioneered by Vicor. Our comprehensive IP portfolio includes Vertical Power Delivery, a power system architecture necessary to supply the escalating current requirements of AI processors.”

For earnings history and earnings-related data on Vicor Corp (VICR) click here.

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