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Apr 03, 2021
Zebra Q1 2021 Earnings Report
Achieved record quarterly sales and earnings, exceeding expectations despite industry supply chain challenges.
Key Takeaways
Zebra Technologies reported a strong first quarter with net sales of $1,347 million, a 28% year-over-year increase. Net income increased by 156.2% to $228 million, and non-GAAP diluted EPS increased by 79.4% to $4.79. The company is raising its full-year 2021 outlook for both sales and profitability.
Net sales increased by 28.0% year-over-year to $1,347 million.
Net income rose by 156.2% year-over-year to $228 million.
Non-GAAP diluted EPS increased by 79.4% year-over-year to $4.79.
Adjusted EBITDA increased by 69.7% year-over-year to $341 million.
Zebra
Zebra
Zebra Revenue by Segment
Revenue by Segment
EVM Revenue
CapyFin.comAIT Revenue
CapyFin.com Forward Guidance
The company expects second-quarter 2021 adjusted net sales to increase 38% to 42% from the second quarter of 2020. Adjusted EBITDA margin for the second quarter of 2021 is expected to be in the range of 21% to 22%. Non-GAAP earnings per diluted share are expected to be in the range of $4.00 to $4.20.
Positive Outlook
- Adjusted net sales to increase 38% to 42% from the second quarter of 2020
- Includes an approximately 450-500 basis point additive impact from the Reflexis acquisition and foreign currency translation
- Adjusted EBITDA margin for the second quarter of 2021 is expected to be in the range of 21% to 22%
- Non-GAAP earnings per diluted share are expected to be in the range of $4.00 to $4.20
- Assumes an adjusted effective tax rate of approximately 18%
Challenges Ahead
- Expectation reflects industry supply chain challenges
- Adjusted EBITDA margin includes approximately $18 million of premium freight expense
- Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis
- Inherent difficulty of forecasting the timing or amount of various items that have not yet occurred
- Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures
Revenue & Expenses
Visualization of income flow from segment revenue to net income