Perceptron Announce Financial Results

Perceptron has announced its first quarter results for its 2019 fiscal year (period ended September 30, 2018).

First quarter consolidated net sales were $21.4 million, the Company’s highest quarterly revenue ever for a first quarter and an increase of 10.9% compared to the first fiscal quarter one year ago. New order bookings totaled $16.9 million for the quarter compared to the first fiscal quarter one year ago of $23.2 million; a 27% reduction. Order backlog was reported at $39.2 million.

New order bookings per region are detailed in the below chart with the Americas reporting a 62.5% decline in in new orders.

ORDER BOOKINGS (millions) 2018 2017 Change
Geographic Region  
Americas $ 3.6 $ 9.6 $ (6.0 )
Europe $ 9.3 $ 9.4 $ (0.1 )
Asia $ 4.0 $ 4.2 $ (0.2 )
Total Bookings $ 16.9 $ 23.2

Net income for the first quarter of fiscal 2019 was $0.9 million, down compared to $1.6 million in the prior year’s first quarter, primarily driven by non-operational cost increases in income taxes, foreign exchange losses and increased investment in engineering, research and development.

David Watza, President and CEO, commented, “We are pleased to announce solid top-line growth for the first quarter of fiscal 2019, which reflects our continued focus on improving performance to deliver competitive products, as well as our cost-cutting and efficiency efforts. As a result, our team achieved record-setting first quarter results with over $21 million in net sales.

“We remain confident in the strategic plan we have established and continue to experience strength in key automotive customer demand metrics, as evidenced by our record first quarter net sales. We’ve maintained our focus on continuing to deliver improvement efforts and new product developments for our core automotive business and its adjacencies, including our existing customers, potential new automotive customers and their suppliers.  We firmly believe that as we execute on the strategic improvement plan for our core automotive business, our implemented advancements will provide Perceptron with increased penetration as well as additional opportunities in the future,” Watza added.

“Looking ahead to our second quarter of fiscal year 2019, we expect revenue in the range of $18.5 million to $21.5 million and maintain our target of mid-single digit growth in our top-line results for the full year fiscal 2019.  We continue to see strong demand for our current products and solutions.  Additionally, recent success with new products as well as positive customer feedback, provides the Company with increasing confidence in our longer-term aspirations of sustained high-single digit revenue growth and resulting double-digit earnings growth,” Watza concluded.

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