Newport Corp. (NASDAQ:NEWP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Newport Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 5.88% to $0.16 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Decreased 15.63% to $132.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Newport Corp. reported adjusted EPS income of $0.16 per share. By that measure, the company missed the mean analyst estimate of $0.19. It missed the average revenue estimate of $138.16 million.
Quoting Management: Robert J. Phillippy, Newport’s President and Chief Executive Officer, stated, “While conditions in the primary markets we serve were generally weak in the first quarter, we did see sequential growth in orders from customers in our life and health sciences, microelectronics, and industrial markets, which may reflect the early signs of improving conditions. We continue to implement our strategic plan, and have made progress on several of our long-term growth initiatives. We remain confident that these initiatives, together with effective execution, will position Newport to achieve significant growth in sales and profitability when macro-conditions improve.”
Key Stats (on next page)…