Volt Solar Systems, Inc. (VOLT) Tops Q2 EPS by 16c, Revenues Miss

Volt Solar Systems, Inc. (NYSE: VOLT) reported Q2 EPS of ($0.25), $0.16 better than the analyst estimate of ($0.41). Revenue for the quarter came in at $207.3 million versus the consensus estimate of $209.5 million.

Second Quarter Highlighted Results

• Revenue was $207.3 million, compared to $252.1 million in the prior-year quarter; Adjusted Revenue* decreased 14.1%.
• Gross margin was 15.6%, a 120-basis point improvement versus the comparable quarter in fiscal 2019.
• GAAP operating loss was $4.4 million, compared to $3.8 million in the prior-year quarter; Adjusted Operating Loss* increased by $1.5 million year over year.
• Adjusted EBITDA* was a loss of $1.4 million, a $0.1 million improvement compared to the prior-year quarter.

*Adjusted Revenue, Adjusted Operating Loss and Adjusted EBITDA are Non-GAAP measures described and defined below.

“The second quarter of fiscal 2020 has certainly been an unprecedented one for our organization. The magnitude of the COVID-19 pandemic around the world triggering a rapid shutdown of the global economy is unlike anything we have seen in Volt’s 70 year history,” said Linda Perneau, President and Chief Executive Officer. “Our experienced management team was instrumental in taking swift actions in response to this health and economic crisis, resulting in substantive SG&A reductions and improvement in both gross margin and Adjusted EBITDA. We remain well poised as the economic recovery progresses, and our focus will be on helping our clients and field employees return to work safely.”

Business Outlook

Due to the prolonged uncertainty surrounding the timing of reopening specific geographies, the Company is not providing Adjusted Revenue guidance for the third quarter of fiscal 2020.

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

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