Pioneer Power (NASDAQ: PPSI) reported Q1 EPS of $0.17, $0.05 better than the analyst estimate of $0.12. Revenue for the quarter came in at $27.3 million versus the consensus estimate of $29 million.

GUIDANCE:

Pioneer Power sees FY2017 EPS of $0.40-$0.47, versus the consensus of $0.65. Pioneer Power sees FY2017 revenue of $120-127 million, versus the consensus of $122.6 million.

2017 Outlook

The Company reaffirmed its full-year 2017 guidance which is based on expected business trends and the current composition of the order backlog, excluding the impact of any potential acquisitions, as their timing and investment levels cannot be known with certainty. In addition, this outlook excludes any significant fluctuations in foreign currency exchange rates. Pioneer\'s 2017 full-year guidance is based on a foreign currency exchange rate of 74 cents U.S. per Canadian Dollar, an effective tax rate at 28% and a share count of approximately 8.7 million shares. In addition, the impact of any restructuring and non-cash charges arising out of Pioneer\'s cost-optimization plans is excluded.

For the full year 2017, the Company expects:

• Revenue between $120 and $127 million
• Net income between $3.5 and $4.1 million
• Diluted EPS between $0.40 and $0.47 based on 8.7 million shares

This reflects non-GAAP results of:

• Adjusted EBITDA of $10.0 million to $11.0 million
• Non-GAAP EPS between $0.83 to $0.93

First Quarter 2017 Results:

• Revenue of $27.3 million, an increase of 2.6% over the prior year quarter
• Gross margin of 22.4% compared to 22.1% in Q1 2016
• Operating income of $1.2 million compared to $1.1 million in Q1 2016
• Net income of $133,000 compared to $569,000 in Q1 2016
• Adjusted EBITDA* of $2.1 million compared to $2.0 million in Q1 2016
• Cash provided from operations of $978,000 compared to ($4.75 million) in Q1 2016
• Secured new service agreements, including a three-year, $3 million per year extension and expansion with a large mobile operator, and a new agreement to service 215 sites for one of the nation's largest drugstore chains. These new contracts are expected to benefit the remainder of 2017.

For earnings history and earnings-related data on Pioneer Power (PPSI) click here.