Electronics for Imaging Inc. (NASDAQ:EFII) reported its results for the second quarter. Electronics For Imaging deals in color digital print controllers, super-wide format printers, and inks and print management solutions.
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Electronics for Imaging Inc. Earnings Cheat Sheet
Results: Net income for Electronics for Imaging Inc. rose to $7 million (15 cents per share) vs. $3.6 million (7 cents per share) in the same quarter a year earlier. This marks a rise of 93.8% from the year-earlier quarter.
Revenue: Rose 16.1% to $163.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Electronics for Imaging Inc. fell short of the mean analyst estimate of 22 cents per share. Analysts were expecting revenue of $162.4 million.
Quoting Management: Quote”Our team delivered a record revenue quarter with 16% growth in an increasingly challenging operating environment coupled with currency headwinds. Strong results in our Industrial Inkjet and Productivity Software business segments led to our tenth consecutive quarter of double-digit growth,” said Guy Gecht, Chief Executive Officer of EFI. “While our business isn’t immune to broader economic trends even though EFI targets the growth areas of print, we continue to see growth opportunities in enabling our customers to transform their businesses and optimize their operations, which allows us both to continue to grow even in a tough environment.”
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 15.1%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 18.5% from the year earlier quarter.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 23 cents a share to 21 cents over the last thirty days. In the past month, the average estimate for the fiscal year has fallen from 99 cents per share to 93 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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