EXFO, Inc. (EXFO) Tops Q3 EPS by 9c, Revenues Beat
- Futures slip with focus on inflation report
- CPI (Apr MoM) 0.8% vs 0.2% Expected; Ex-food and Energy 0.9% vs 0.3%
- Exclusive: Tesla seeks entry into U.S. renewable fuel credit market - sources
- FuboTV (FUBO) Surges After Crushing Views on New Subscribers Adds, Analysts Positive
- Amazon wins court fight against $303 million EU tax order
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
EXFO, Inc. (NASDAQ: EXFO) reported Q3 EPS of $0.06, $0.09 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $66.1 million versus the consensus estimate of $59.59 million.
Third Quarter Highlights
- Sales. Sales decreased 10.1% year-over-year to US$66.1 million in the third quarter of fiscal 2020 mainly due to the ongoing impact of the coronavirus pandemic. Test and Measurement (T&M) sales accounted for 75% of revenue in the third quarter of 2020, while Service Assurance, Systems and Services (SASS) sales represented 25%. Revenue distribution among the three main selling regions amounted to 45% in the Americas, 33% in Europe, Middle East and Africa (EMEA) and 22% in Asia-Pacific. EXFO's top customer accounted for 9.6% of sales, while the top three totaled 18.2%.
- Profitability. IFRS net earnings amounted to US$3.2 million, or US$0.06 per share, in the third quarter of fiscal 2020, while adjusted EBITDA totaled US$10.7 million, or 16.1% of sales. Net earnings included a wage subsidy of US$3.3M (US$2.4M after-tax) under the Canada emergency wage subsidy program to help qualifying businesses alleviate the effects of the coronavirus pandemic.
"Despite constraints and restrictive measures in many countries, EXFO navigated through the coronavirus pandemic with a solid financial performance in the third quarter of 2020," said EXFO's CEO Philippe Morin. "We delivered encouraging sales in a difficult environment and proactively implemented cost-controls, while benefiting from a Canadian government wage subsidy program. The end-result was strong earnings amid end-markets that will necessarily improve as long-term drivers like fiber and 5G deployments remain intact."
For earnings history and earnings-related data on EXFO, Inc. (EXFO) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tower Semiconductor (TSEM) Reports In-Line Q1 EPS, Revenues Beat; Offers 2Q Revenues Guidance Above Consensus
- Dream Finders Holdings (DFH) Misses Q1 EPS by 1c, Revenues Miss
- SEMrush Holdings, Inc. (SEMR) Reports Q1 EPS of $0.01 on Revenues of $40M; Offers 2Q & FY21 Revenues Outlook
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!