Turtle Beach (NASDAQ: HEAR) reported Q1 EPS of $0.09, $0.06 better than the analyst estimate of $0.03. Revenue for the quarter came in at $44.8 million versus the consensus estimate of $41.82 million.

"We reported another record quarter of revenue growth, which, combined with strong prior year receivables, allowed us to grow our cash position to all-time highs with zero debt," said Juergen Stark, CEO, Turtle Beach Corporation. "This was in spite of challenging comparisons and an overall decline in the console gaming headset market in the latter part of the quarter, which we expected.

"Shifting to the remainder of the year, we anticipate gaining a solid position in the PC gaming accessory market through the pending acquisition of ROCCAT, which we anticipate will lead to significant growth in sales and profits once it is fully integrated. This acquisition will more than double our total addressable market to $4.7 billion and facilitate broader international expansion, both of which have been strategic goals of the Company.

"Following a year of unprecedented growth, we continue to expect that industry-wide sales of console gaming headsets will decline year-over-year in 2019, but also believe that the base of gamers seeking high-quality headsets for both console and PC has never been higher and will lead to resumed growth in 2020 and beyond. We are maintaining our prior guidance for 2019, and expect the year to produce strong revenue and cash flow. We also continue to expect our revenue to grow over the long-term at a compounded rate of 10%-20%. The recent decision by our board of directors to authorize the repurchase of up to $15 million of our stock over the next two years signals our continued confidence in our prospects."

GUIDANCE:

Turtle Beach continues to FY2019 EPS of $0.90-$1.10, versus the consensus of $0.88.

For earnings history and earnings-related data on Turtle Beach (HEAR) click here.