PCTEL (PCTI) Tops Q4 EPS by 5c

PCTEL (NASDAQ: PCTI) reported Q4 EPS of $0.16, $0.05 better than the analyst estimate of $0.11. Revenue for the quarter came in at $22.9 million versus the consensus estimate of $23.75 million.

• Revenue of $22.9 million in the quarter and $90.6 million for the year, 8% higher in the quarter and 9% higher for the year compared to 2018. For the fourth quarter, revenue was higher by 55% for the test and measurement product line and lower by 7% for the antenna product line compared to 2018. For the year, revenue was higher by 68% for the test and measurement product line and lower by 5% for the antenna product line.
• Gross profit margin of 50.3% in the quarter and 45.8% for the year, up 9.4% in the quarter and 8.3% for the year compared to the gross profit margin in 2018. The increase in the both the fourth quarter and the year is a result of higher revenues for test and measurement products and a favorable mix within antenna products.
• GAAP net income per share of $0.10 in the quarter and $0.21 for the year compared to a GAAP loss of $0.53 per share in the quarter and a GAAP loss of $0.75 for the year in 2018. The 2019 GAAP results include a restructuring charge of approximately $0.01 per share in the quarter and $0.03 per share for the year related to the transition plan for China manufacturing. In 2018, approximately $0.51 per share of the GAAP net loss in the quarter and $0.54 of the GAAP net loss for the year were attributable to non-cash income tax expense related to the Company’s valuation allowance for deferred tax assets.
• Non-GAAP net income and adjusted EBITDA are measures the Company uses to measure its core earnings. A reconciliation of those non-GAAP measures to our GAAP financial statements is provided later in the press release.
  • Non-GAAP net income per diluted share of $0.16 in the quarter and $0.47 for the year compared to Non-GAAP net income per diluted share of $0.03 in the quarter and negative $0.04 for the year in 2018.
  • Adjusted EBITDA as a percent of revenue of 16.3% in the quarter and 12.4% for the year compared to 5.8% in the quarter and 1.8% for the year in 2018.
• $39.7 million of cash and short-term investments and no debt at December 31, 2019 compared to $35.2 million and no debt at December 31, 2018.

“We are pleased with our performance in 2019 and year over year growth driven mainly by the success of our 5G testing solutions,” said David Neumann, PCTEL’s CEO. “Antennas and radio solutions in our intelligent transportation and industrial IoT market segments are expected to drive growth over the long term as customers demand ultra-reliable connectivity for their IoT business critical systems.”

For earnings history and earnings-related data on PCTEL (PCTI) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• HeartCore Enterprises, Inc. (HTCR) Misses Q2 EPS by 185c
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49