Volt Solar Systems, Inc. (VOLT) Tops Q4 EPS by 10c, Revenues Beat

Volt Solar Systems, Inc. (NYSE: VOLT) reported Q4 EPS of $0.11, $0.10 better than the analyst estimate of $0.01. Revenue for the quarter came in at $211.1 million versus the consensus estimate of $205.5 million.

Fourth Quarter Results

• Revenue of $211.1 million, compared to $258.4 million in the fourth quarter of fiscal 2019, which included $18.9 million related to the extra fiscal week in fiscal 2019; Adjusted Revenue decreased 11.0%.
• Gross margin was 16.2%, compared to 16.6% in the prior-year quarter.
• GAAP operating loss for the quarter was ($11.5) million, compared to operating income of $933,000 in the prior-year quarter; Adjusted Operating Income, excluding impairment and restructuring charges, improved by $1.1 million year over year to $3.5 million.
• GAAP EPS loss of ($0.58) per share; Adjusted EPS of $0.11 per diluted share, which excludes $15.0 million of impairment and restructuring costs.
• Adjusted EBITDA increased $1.1 million year over year to $5.9 million.

“Against the backdrop of the most challenging period in our company’s 70-year history, I could not be more proud of the resiliency shown by every Volt colleague across our organization,” said Linda Perneau, President and Chief Executive Officer. “The disruption caused by COVID-19 forced us to think and work differently while ensuring we were able to provide a consistent level of world-class service to our clients, many of whom are essential businesses. At the same time, we successfully expanded our relationships with existing customers and secured new business. These efforts are reflected in the sequential improvement in Adjusted Revenue we recorded during the second half of fiscal 2020. In addition, our fourth quarter Adjusted EBITDA was our best quarter in four years.”

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

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