CVD Equipment (CVV) Reports Q1 EPS of $0.09 on Revenues of $9.15M

CVD Equipment (NASDAQ: CVV) reported Q1 EPS of $0.09. Revenue for the quarter came in at $9.15 million.

“In the first quarter, we continued to execute on the core segment of our growth strategy by increasing our investment in the development of our new CVD Materials facility,” said Len Rosenbaum, President and Chief Executive Officer. “The new facility will provide a cost-effective infrastructure to utilize the latest technology to produce high quality materials for aerospace, medical and electronic applications. We also further strengthened our senior leadership team and increased our focus on sales to expand and commercialize our exciting new technologies.”

Revenue for the first quarter was $9.2 million, compared to $9.8 million in the prior quarter and $9.7 million from the same period last year. Net income for the first quarter was $0.6 million compared to $1.6 million in the prior quarter and $1.0 million a year ago. The reduction in net income is primarily a result of the ongoing investment in the Materials business, the development of the new facility, and shifting some engineering and production personnel to the planning, outfitting and building of equipment for the new facility. Net earnings per diluted share were $0.09 compared to $0.24 in the fourth quarter of 2017 and $0.16 a year ago. Backlog as of March 31, 2018 was $9.8 million compared to $15.5 million on December 31, 2017.

For earnings history and earnings-related data on CVD Equipment (CVV) click here.

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