Vicor Corp (VICR) Tops Q4 EPS by 8c, Revenues Beat

Vicor Corp (NASDAQ: VICR) reported Q4 EPS of $0.25, $0.08 better than the analyst estimate of $0.17. Revenue for the quarter came in at $84.3 million versus the consensus estimate of $82.48 million.

Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Fourth quarter results reflect improved margins in spite of manufacturing inefficiencies caused by outsourcing of critical process steps. Advanced Products bookings increased approximately 30%, offsetting a reduction in Brick Products orders. Our capacity expansion is on schedule and vertical integration of all of the process steps required by Advanced Products in our new facility should soon lead to shorter cycle times, greater efficiencies, and further improvements in gross and net margins.”

Vicor also announced that James A. Simms, Corporate Vice President, Chief Financial Officer, Treasurer, and Secretary, will be resigning, effective June 30, 2021. The Company has initiated a search for a new Chief Financial Officer, a process with which Mr. Simms will be assisting. Mr. Simms’ resignation is not related to Vicor's operations, policies, or practices, including its internal controls or other matters related to financial reporting.

Commenting on Mr. Simms’ pending resignation, Dr. Vinciarelli stated, “I wish Jamie success in all his future endeavors. Over his 13 year tenure as CFO, Jamie has made significant contributions to Vicor’s success.”

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

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