Pioneer Power (NASDAQ: PPSI) reported Q2 EPS of $0.15, $0.02 better than the analyst estimate of $0.13. Revenue for the quarter came in at $30.9 million versus the consensus estimate of $29.3 million.

Second Quarter 2017 Results and Business Highlights:

• Record quarterly revenue of $30.9 million, an increase of 3.2% over the prior year quarter
• Gross margin of 19.3% compared to 20.9% in Q2 2016
• Operating income of $1.6 million, up 17.6% from $1.4 million in Q2 2016
• Net income of $1.3 million compared to $194,000 in Q2 2016
• Adjusted EBITDA* of $2.5 million, up 16.4% compared to $2.2 million in Q2 2016
• Subsequent to the end of the quarter, secured new supply agreements to supply liquid-filled network transformers that is expected to generate annualized revenue of $3 million in the aggregate
• Subsequent to the end of the quarter, launched an all-new line of power generation equipment to be marketed exclusively in eight states, and otherwise non-exclusively nationally

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

GUIDANCE:

Pioneer Power sees FY2017 EPS of $0.89-$0.93, versus the consensus of $0.60. Pioneer Power sees FY2017 revenue of $120-127 million, versus the consensus of $120.9 million.

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