Cray (CRAY) Tops Q3 EPS by 16c

Cray (NASDAQ: CRAY) reported Q3 EPS of ($0.33), $0.16 better than the analyst estimate of ($0.49). Revenue for the quarter came in at $79.7 million versus the consensus estimate of $59.5 million.

A wide range of results remains possible for 2017. Several acceptances are planned for completion late in the fourth quarter, some of which will be challenging. Assuming Cray is able to complete these acceptances before year-end, Cray expects revenue for 2017 to be in the range of $400 million. GAAP and non-GAAP gross margins for the year are expected to be in the low- to mid-30% range. Non-GAAP operating expenses for 2017 are expected to be in the range of $180 million. For 2017, GAAP operating expenses are anticipated to be about $21 million higher than non-GAAPoperating expenses, driven by share-based compensation, restructuring, and costs related to the Seagate transaction.

While a wide range of results remains possible and it is still early in the planning process, Cray expects 2018 annual revenue to grow in the range of 10% compared to Cray’s current 2017 outlook. Revenueis expected to be about $75 million in the first quarter of 2018.

For earnings history and earnings-related data on Cray (CRAY) click here.

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