MTS Systems (MTSC) Reports Q1 EPS of 90c, Confirms Guidance
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MTS Systems (NASDAQ: MTSC) reported Q1 EPS of $0.90, $0.16 better than the analyst estimate of $0.74. Revenue for the quarter came in at $142.6 million versus the consensus estimate of $146.15 million.
"We believe our first quarter performance and the progress we're making around operating efficiencies in our Test business position us well for the remainder of fiscal 2015 and beyond," Dr. Graves said. "Our order backlog stands at near record levels and our Test opportunity pipeline is at a record $923 million. In Test, our order flow and pipeline expansion continues to confirm the macro trends driving investments for new product development in our global customer base, with particular near-term strength continuing in the ground vehicles market segment. In Sensors, we expect demand in 2015 and beyond to remain strong as more OEMs develop smarter machines and vehicles using MTS sensor technology. We believe this is a trend that is gaining momentum as manufacturers find new applications as well as upgrade current equipment," said Dr. Graves.
Dr. Graves concluded, "As we improve execution in the Test business through optimization of our engineering, production and service processes that is currently in progress, and as supported by solid market conditions as evidenced by our growing opportunity pipeline, we are pleased to confirm our previous guidance for revenue for fiscal year 2015 of $615 million to $645 million and earnings per share of $3.60 to $4.00. Further, we believe our financial performance will build throughout the year, with the second quarter slightly improving over the first quarter, excluding the one-time tax benefits we realized in the first quarter, and the second half delivering stronger results than the first half. Our expanded offerings, business process and productivity improvements in Test combined with stronger demand and new product development in Sensors will be key business drivers in 2015."
For earnings history and earnings-related data on MTS Systems (MTSC) click here.
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