Mercury Systems Q1 Loss Widens

KAR Auction Services, Inc. Q3 Earnings Summary

Below are the earnings highlights for KAR Auction Services, Inc. (KAR):

Earnings: -$5.8 million in Q3 vs. -$1.0 million in the same period last year.
EPS: -$0.15 in Q3 vs. -$0.10 in the same period last year.
Excluding items, KAR Auction Services, Inc. reported adjusted earnings of $7.4 million or $0.05 per share for the period.

Analysts projected $0.13 per share
Revenue: $393.0 million in Q3 vs. $347.1 million in the same period last year.

Here’s What Diversity Means for One Group of Harvard Students

As the Supreme Court considers the role of race in college admissions, a diverse group of Harvard undergraduates shared their views.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

Skyline Champion Q2 Profit Increases

Skyline Champion Corp. (SKY) reported that its net income for the second quarter
fiscal 2023 increased by 184.1% to $144.1 million from last year, driven by the increase in sales volume, pricing, and operating leverage.Earnings per share climbed to $2.51 from $0.89 in the prior year.

Quarterly sales increased 53.9% to $806.8 million from the prior-year period. The number of U.S. homes sold in the second quarter fiscal 2023 increased 23.2% to 7,274.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.82 per share and revenues of $687.79 million for the quarter. Analysts’ estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Silicon Motion Technology Corp. Q3 Profit Decreases, misses estimates

Silicon Motion Technology Corp. (SIMO) revealed earnings for third quarter that decreased from the same period last year and missed the Street estimates.

The company’s earnings totaled $42.89 million, or $1.29 per share. This compares with $55.42 million, or $1.58 per share, in last year’s third quarter.

Excluding items, Silicon Motion Technology Corp. reported adjusted earnings of $51.16 million or $1.53 per share for the period.

Analysts on average had expected the company to earn $1.86 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.3% to $250.8 million from $254.2 million last year.

Silicon Motion Technology Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $42.89 Mln. vs. $55.42 Mln. last year.
-EPS (Q3): $1.29 vs. $1.58 last year.
-Analyst Estimates: $1.86
-Revenue (Q3): $250.8 Mln vs. $254.2 Mln last year.

Littelfuse Q3 Profit Down

Littelfuse Inc. (LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, reported a third quarter net income of $75.47 million or $3.02 per share down from $92.05 million or $3.69 per share in the prior year.

Adjusted earnings per share were $4.28 compared to $3.95 last year.

Net sales of $658.9 million were up 22% versus the prior year period, and up 8% organically.

Analysts polled by Thomson Reuters expected the company to report earnings of $3.79 per share and revenues of $636.71 million for the third quarter. Analysts’ estimates typically exclude special items.

For the fourth quarter the company expects adjusted earnings per share to be in the range of $3.14 to $3.34; the midpoint of which represents 11% growth over the prior year when excluding last year’s combined $0.25 benefit from a tax holiday and “14th week”.

Net sales for the fourth quarter are expected to be in the range of $603 million to $623 million, the midpoint of which represents 11% growth over the prior year and 4% organic growth; includes an about 700 basis point year-over-year sales headwind from foreign exchange and last year’s extra “14th week.” Analysts expect the company to report earnings of $3.46 per share and revenues of $626.51 million for the fourth quarter.

The company will pay a cash dividend on its common stock of $0.60 per share on December 8, 2022, to shareholders of record as of November 24, 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Inspire Medical Systems Q3 Loss Widens; Raises FY Revenue Guidance

Inspire Medical Systems Inc. (INSP) reported that its third quarter net loss widened to $16.8 million or $0.60 per share from $10.3 million or $0.38 per share in the corresponding prior year period.

Quarterly revenue was $109.2 million, a 77% increase from $61.7 million in the corresponding period in the prior year. U.S. revenue for the quarter was $106.3 million, an increase of 82% as compared to the prior year quarter. Third quarter revenue outside the U.S. was $2.9 million, a decrease of 14% as compared to the third quarter of 2021. Revenue outside the U.S. was negatively impacted primarily by unfavorable exchange rates.

The company raised its full year 2022 revenue guidance to a range of $384 million – $388 million, from prior guidance of $354 million to $362 million.

The company maintained its full year 2022 gross margin guidance of 83% to 85%.

The company also maintained its guidance relating to the opening of new U.S. medical centers of 52 to 56 per quarter for the remaining quarter of the year, as well as its guidance of 11 to 12 new territories for the fourth quarter of 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Mercury Systems Q1 Loss Widens

Mercury Systems Inc. (MRCY) reported that its net loss for the first quarter of fiscal 2023 widened to $14.3 million or $0.26 per share from $7.1 million or $0.13 per share in the prior year.

Adjusted earnings per share was $0.24 per share, compared to $0.41 per share in the prior year.

Quarterly revenues grew to $227.6 million, from $225.0 million last year. The latest quarter results included an aggregate of approximately $11.8 million of revenue attributable to the Avalex Technologies and Atlanta Micro acquired businesses.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share and revenues of $217.92 million for the first quarter. Analysts’ estimates typically exclude special items.

For the second quarter of fiscal 2023, the company projects net loss to be in the range of about $10.3 million to $6.2 million or $0.18 to $0.11 per share; adjusted earnings per share of $0.31 to $0.36 per share and revenues of $225.0 million to $240.0 million. Analysts expect the company to report earnings of $0.36 per share and revenues of $233 million for the second quarter.

For the full fiscal year 2023, the company anticipates GAAP net income to be in the range of $14.8 million to $24.7 million or $0.26 to $0.44 per share, adjusted earnings of $1.93 to $2.10 per share and revenues of $1.01 billion to $1.05 billion. Wall Street currently is looking for fiscal year 2023 earnings of $2.09 per share on annual revenues of $1.03 billion.