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Dec 31, 2020
Vicor Q4 2020 Earnings Report
Reported financial results for the fourth quarter ended December 31, 2020
Key Takeaways
Vicor Corporation reported a 33.5% increase in revenues for the fourth quarter ended December 31, 2020, totaling $84.3 million. Net income for the quarter was $11.2 million, or $0.25 per diluted share, compared to $1.3 million, or $0.03 per diluted share, for the same period a year ago.
Revenues for the fourth quarter increased by 33.5% year-over-year to $84.3 million.
Gross margin increased to $40.5 million, with gross margin as a percentage of revenue increasing to 48.0%.
Net income for the fourth quarter was $11.2 million, or $0.25 per diluted share.
Cash flow from operations totaled $19.3 million for the fourth quarter.
Vicor
Vicor
Forward Guidance
Fourth quarter results reflect improved margins in spite of manufacturing inefficiencies caused by outsourcing of critical process steps. Capacity expansion is on schedule and vertical integration should lead to shorter cycle times, greater efficiencies, and further improvements in gross and net margins.
Positive Outlook
- Improved margins
- Capacity expansion on schedule
- Vertical integration of process steps
- Shorter cycle times
- Greater efficiencies
Challenges Ahead
- Manufacturing inefficiencies caused by outsourcing of critical process steps
- Reduction in Brick Products orders
- James A. Simms, CFO, will be resigning, effective June 30, 2021
- Search for a new CFO initiated
- No specific financial guidance provided