MTS Systems Corp (MTSC) Reports Q2 EPS of 53c
MTS Systems Corp (NASDAQ: MTSC) reported Q2 EPS of $0.53, may not compare to the analyst estimate of $0.74. Revenue for the quarter came in at $137.3 million versus the consensus estimate of $138.5 million.
MTS Systems Corp sees FY2014 EPS of $3.35-$3.50, versus prior guidance of $3.55-$3.7 and the consensus of $3.65.
"Our strong order performance for both the Test and Sensors businesses combined with a record Test opportunity pipeline of over $915 million of potential new orders, positions us well for growth as we move through the second half of our fiscal year and into fiscal 2015. However, our current product mix in the Test business has pushed more of our backlog conversion into fiscal 2015 than previously expected. For this reason, we are adjusting our outlook for the remainder of fiscal 2014 downward. We expect revenue for the year to be $580 to $590 million, compared to the previous guidance range of $585 to $605 million, and earnings per share excluding the restructuring charge, to be $3.35 to $3.50 per share, compared to the previous guidance range of $3.55 to $3.70 per share. More specifically, within the second half of the year, a larger percentage of the revenue and earnings is expected to occur in the fourth quarter" said Dr. Graves.
Dr. Graves concluded by saying, "From a global economic perspective, we expect market conditions to continue to be favorable, which should provide us with continued orders momentum in the second half of fiscal 2014 and into fiscal 2015. With our business process improvements, record backlog, productivity potential, and sales and service improvements in our Test business, combined with continued strong demand in the Sensors business, we believe MTS is positioned well moving forward and that we will be able to further capitalize on our growth opportunities around the world."
For earnings history and earnings-related data on MTS Systems Corp (MTSC) click here.
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