Volt Solar Systems, Inc. (VOLT) Misses Q3 EPS by 1c, Revenues Beat

Volt Solar Systems, Inc. (NYSE: VOLT) reported Q3 EPS of ($0.22), $0.01 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $185.9 million versus the consensus estimate of $184.5 million.

Third Quarter Highlighted Results

• Revenue was $185.9 million, compared to $233.2 million in the prior-year quarter; Adjusted Revenue* decreased 18.4%.
• Gross margin was 16.1%, an 80-basis point improvement compared to the prior-year quarter.
• GAAP operating loss was $4.2 million, compared to $4.8 million in the prior-year quarter; excluding restructuring and impairment charges, operating loss would have been $1.3 million compared to $2.7 million in the prior-year quarter.
• Adjusted EBITDA* was $1.0 million, a $2.2 million improvement compared to the prior-year quarter.

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

“I remain incredibly proud of our Volt colleagues, all of whom continue to confidently navigate the prolonged economic and health uncertainty,” said Linda Perneau, President and Chief Executive Officer. “Their efforts allowed us to safely return thousands of employees back to work, enabled multiple clients to resume full operations, and secured new business wins, partially offsetting pandemic related declines. Throughout the third quarter we posted month-over-month improvements in Adjusted Revenue and gross margin. We reduced SG&A expenses and posted positive Adjusted EBITDA of $1.0 million for the quarter. We believe these trends will continue in the fourth quarter as we remain focused on our growth and profitability initiatives.”

Business Outlook

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

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

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