ORBCOMM (ORBC) Reports In-Line Q1 EPS, Slight Beat; Offers 2Q Revenue Guidance
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ORBCOMM (NASDAQ: ORBC) reported Q1 EPS of ($0.07), in-line with the analyst estimate of ($0.07). Revenue for the quarter came in at $66.04 million versus the consensus estimate of $65.88 million.
“We made major strides this quarter in our plan to improve service margins, hardware margins, working capital and cash generation,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “Collectively, these improvements led to a $10 million swing in cash from operations and a 49% increase in Adjusted EBITDA over the prior year. We continue to see improved customer demand for our services and products, especially our new feature-rich, cost-optimized products, which made up about two-thirds of our shipments in the quarter. Our pipeline remains strong, and we’re seeing momentum with several large customer opportunities, which we anticipate will drive incremental revenues over the course of the year.”
ORBCOMM sees Q2 2019 revenue of $66-69 million, versus the consensus of $67.96 million.
For earnings history and earnings-related data on ORBCOMM (ORBC) click here.
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