Intevac Earnings: Here’s Why Investors are Happy Now
Intevac Inc. (NASDAQ:IVAC) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.22%.
Intevac Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.32 in the quarter versus EPS of $-0.14 in the year-earlier quarter.
Revenue: Decreased 24.94% to $13 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Intevac Inc. reported adjusted EPS loss of $0.32 per share. By that measure, the company beat the mean analyst estimate of $-0.35. It missed the average revenue estimate of $14.8 million.
Quoting Management: “As expected, Q1 was a challenging quarter for our equipment business. In early February, we implemented a global cost reduction plan that is expected to lower our expenditure levels by $12 million to $14 million on an annual basis,” commented Norman Pond, chairman of the board and chief executive officer of Intevac.
Key Stats (on next page)…
Revenue decreased 25.63% from $17.48 million in the previous quarter. EPS decreased to $-0.32 in the quarter versus EPS of $-0.15 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.21 to a loss $0.25. For the current year, the average estimate has moved down from a loss of $0.8 to a loss of $0.82 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)