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EXFO, Inc. (EXFO) Tops Q1 EPS by 3c, Revenues Beat

January 12, 2021 4:08 PM EST
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EXFO, Inc. (NASDAQ: EXFO) reported Q1 EPS of $0.06, $0.03 better than the analyst estimate of $0.03. Revenue for the quarter came in at $71.5 million versus the consensus estimate of $70.89 million.

First-Quarter Highlights

  • Sales. Sales decreased 2.8% year-over-year in the first quarter of 2021 mainly due to the impact of the coronavirus pandemic, which was partially offset by stronger year-end calendar spending on the part of communications service providers. Test and Measurement (T&M) sales dropped 9.8% from a record US$55.9 million in first quarter of 2020, while Service Assurance, Systems and Services (SASS) sales increased 18.6% year-over-year. Sales in Europe, Middle East and Africa (EMEA) and Asia-Pacific improved 23.3% and 9.2% year-over-year, respectively, while sales in the Americas fell 20.4%. EXFO's top customer accounted for 4.3% of sales, while the top three represented 12.6%.
  • Profitability. IFRS net earnings totaled US$3.6 million, or US$0.06 per share, in the first quarter of 2021, while adjusted EBITDA amounted to US$9.9 million, or 13.9% of sales. Net earnings included an after-tax wage subsidy of US$1.4 million under the Canada emergency wage subsidy program to help qualifying businesses alleviate the effects of the pandemic, as well as an after-tax insurance recovery of US$2.5 million related to the loss of assets.

"EXFO delivered a strong first-quarter performance in fiscal 2021 as compared to a coronavirus-free opening quarter in 2020," said EXFO's CEO Philippe Morin. "Robust sales and earnings results confirm market acceptance of our highly differentiated solutions related to fiber, cloud-native and 5G network deployments as we continue to develop new ways to engage and serve our global customer base in this virtualized environment. We're particularly pleased with our SASS offering's penetration into new accounts through the recently announced fiber monitoring deal with BT's subsidiary, Openreach, and five service assurance contracts secured in the fourth quarter of 2020."

For earnings history and earnings-related data on EXFO, Inc. (EXFO) click here.



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