Cyberoptics Corp (CYBE) Tops Q2 EPS by 15c

Cyberoptics Corp (NASDAQ: CYBE) reported Q2 EPS of $0.22, $0.15 better than the analyst estimate of $0.07. Revenue for the quarter came in at $16 million versus the consensus estimate of $16.2 million.

Dr. Subodh Kulkarni, president and chief executive officer, commented, “We are pleased with CyberOptics’ overall performance in this year’s second quarter despite the impact of the COVID-19 pandemic on our sales. Approximately $1.5 million of customer acceptances for SQ3000™ Multi-Function inspection systems were pushed out to this year’s third quarter as a result of travel restrictions and the inability to gain access to customers’ factories due to quarantine measures. None of the affected orders were cancelled, and all are expected to be booked as revenue in the third quarter. If these orders had been accepted as scheduled, total second quarter sales would have been at the upper end of our previously issued guidance for this period.”

He continued: “Given the demonstrated advantages of our Multi-Reflection Suppression™ (MRS™)-enabled 3D technology, we believe CyberOptics has attained first-mover status in the high-growth micro LED inspection and metrology market. Prior to the end of the second quarter, CyberOptics received a $2.5 million order for SQ3000 Multi-Function systems for micro LED applications. This order is scheduled to be recognized as revenue in the third quarter. Additional micro LED-related orders are anticipated during the second half of 2020.”

Kulkarni added: “CyberOptics ended the second quarter of 2020 with an order backlog of $24.8 million, which includes micro LED-related orders for SQ3000 systems and $4.9 million of 2D MX600™ orders for memory module inspection systems. Backlog was consistent with March 31, 2020 and up significantly from a year ago. We are forecasting sales of $19.5 to $21.5 million for the third quarter of 2020 ending September 30.”

For earnings history and earnings-related data on Cyberoptics Corp (CYBE) click here.

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