inTEST Corp (INTT) Tops Q4 EPS by 2c, Revenues Beat; Offers 1Q EPS/Revenue Guidance Above Consensus

inTEST Corp (NYSE: INTT) reported Q4 EPS of ($0.01), $0.02 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $14.9 million versus the consensus estimate of $14.3 million.

“Demand for our innovative test and process technology solutions is strong and we ended the year with good momentum,” noted Mr. Grant. “Fourth quarter bookings increased 22% sequentially and 58% year-over-year, while net revenues increased 3% sequentially and 9% year-over-year and were at the high end of our guidance. Backlog increased by $5.9 million compared to the end of 2019 and we continue to generate positive cash flow.

“We enter 2021 optimistic for the year ahead. Market tailwinds and investments are driving growth, the worldwide chip shortage is expected to last into next year, utilization rates are projected to stay historically high, which normally correlates to strong semiconductor business for inTEST, and we are making inroads into a number of growth markets and segments outside of the semiconductor market.” Mr. Grant concluded, “We are meeting the demanding requirements of our customers with an impressive breadth of products to serve our global customer base; and with our business growing, we expect to approach record bookings levels for the first quarter of 2021.”

GUIDANCE:

inTEST Corp sees Q1 2021 EPS of $0.21-$0.25, versus the consensus of $0.02. inTEST Corp sees Q1 2021 revenue of $18.5-19.5 million, versus the consensus of $14.03 million.

inTEST’s guidance for the 2021 first quarter includes estimates of both GAAP and non-GAAP financial measures. A reconciliation between these GAAP and non-GAAP financial measures is included below.

inTEST expects that net revenues for the first quarter of 2021 will be in the range of $18.5 million to $19.5 million and that on a GAAP basis, our net earnings per diluted share will range from $0.18 to $0.22. On a non-GAAP basis, we expect our adjusted net earnings per diluted share will range from $0.21 to $0.25. In addition, we expect that gross margin will range from 49% to 51%. This outlook is based on the Company’s current views with respect to operating and market conditions and customers’ forecasts, which are subject to change. Actual results may differ materially as a result of, among other things, the factors described under “Forward-Looking Statements” below.

For earnings history and earnings-related data on inTEST Corp (INTT) click here.

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