Volt Solar Systems, Inc. (VOLT) Tops Q1 EPS by 11c, Revenues Beat

Volt Solar Systems, Inc. (NYSE: VOLT) reported Q1 EPS of ($0.08), $0.11 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $218 million versus the consensus estimate of $210.5 million.

First Quarter Summary

• Revenue was $218.0 million, compared to $217.8 million in the first quarter of fiscal 2020; Adjusted Revenue* increased 0.4%.
• Gross margin was 15.0%, a 60-basis point increase compared to the prior-year quarter.
• GAAP operating loss for the quarter was ($1.7) million, a $7.6 million improvement compared to the prior-year quarter; Adjusted Operating Loss*, excluding impairment and restructuring charges, improved by $7.0 million year over year to ($1.1) million.
• GAAP EPS loss was ($0.11) per share compared to ($0.50) per share in the first quarter of fiscal 2020; Adjusted EPS* was ($0.08).
• Adjusted EBITDA* increased $6.5 million year over year to $0.9 million.

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

“I am very encouraged by our results to start fiscal 2021, which were made possible through a combination of our continued response to COVID-19 and the resiliency we showed in managing our business. Our ongoing recovery is directly attributable to the never-ending hard work and dedication of all Volt employees, who continue to adapt and provide industry-leading service to our clients,” said Linda Perneau, President and Chief Executive Officer. “Despite ongoing business disruption from the pandemic, we posted year-over-year Revenue and Adjusted EBITDA growth compared to our first quarter in fiscal 2020, a pre-pandemic quarter. We also reported our third consecutive quarter of positive Adjusted EBITDA.”

“Our results demonstrate the effectiveness of the strategic actions we’ve taken over the past two years. We are now positioned to achieve even greater success going forward, accelerating our growth and profitability,” commented Ms. Perneau. “Although we experienced widespread shutdowns due to last month’s winter storms, and the prior-year quarter includes seven weeks that were unaffected by COVID-related shutdowns, we expect to report sequential and year-over-year improvement in our operating results for the second quarter.”

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

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