Orion Energy Systems, Inc. (OESX) Misses Q2 EPS by 12c; Narrows Outlook

Orion Energy Systems, Inc. (NYSE: OESX) reported Q2 EPS of ($0.28), $0.12 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $13.4 million versus the consensus estimate of $16.8 million.

Orion Energy Systems, Inc. sees FY2015 revenue of $80-88 million, versus prior guidance of $80-105 million and the consensus of $79.81 million.

John Scribante, Chief Executive Officer of Orion, stated, “Over the past 12 months, we have successfully transitioned the Company to take advantage of the large market opportunity in LED lighting. We closed the quarter with the largest lighting backlog in our history, largely driven by our escalating LED product adoption rates and continued efforts in expanding our sales infrastructure. In the second quarter, our top line and gross margins were impacted by a number of large account wins that were delayed into the second half of fiscal 2015. However, we are now beginning to see our pipeline of LED product sales build, and we have the capacity and personnel to handle it. Sales are being generated through a number of channels. We secured LED lighting solutions orders from several large enterprise accounts and also have seen our reseller sales increase dramatically from January 2014. We believe this is largely due to the success of our LED Troffer Door Retrofit product. We will continue to expand our LED product suites to address increasing customer demand for our LED lighting solutions.”

For earnings history and earnings-related data on Orion Energy Systems, Inc. (OESX) click here.

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