Cray (CRAY) Tops Q3 EPS by 26c, Comments on Outlook

Cray (NASDAQ: CRAY) reported Q3 EPS of $0.25, $0.26 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $159.4 million versus the consensus estimate of $125.3 million.

Outlook A wide range of results remains possible for 2014. A significant portion of our expected fourth quarter revenue is dependent on several large systems which are currently anticipated to be accepted late in the fourth quarter. These acceptances are complex with much work left to do. Assuming successful acceptance of these systems, the Company anticipates revenue to be in the range of $600 million for the year. Non-GAAP gross margin for 2014 is anticipated to be in the 33-34% range. Total non-GAAP operating expenses for the year are anticipated to be about $175 million. Based on this outlook, the Company expects to be profitable on both a GAAP and non-GAAP basis for 2014.

The Company's 2014 effective non-GAAP tax rate is expected to be about 10%.

While it is very early in our planning process, for 2015 we expect annual revenue to continue to grow. Revenue is expected to ramp quarterly during the year, with about $50 million in the first quarter. Based on this outlook, we expect to improve our GAAP and non-GAAP operating profit margin for 2015.

For earnings history and earnings-related data on Cray (CRAY) click here.

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