Echelon Corp (ELON) Tops Q2 EPS by 4c
Echelon Corp (NASDAQ: ELON) reported Q2 EPS of ($0.10), $0.04 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $15 million versus the consensus estimate of $15.92 million.
”We have made the strategic decision to focus substantially all of the resources of our company to capitalize on the growing opportunity in the Industrial Internet of Things,” said Ron Sege, Chairman and CEO of Echelon. “As part of this decision, and after a thorough process of pursuing strategic alternatives for our Grid business, we have decided to scale back this business significantly to support existing commitments only, unless we are able to find a buyer in the very near-term. We believe that this will improve our financial model and accelerate our transition to the IIoT.”
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