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Sep 30, 2020
inTEST Q3 2020 Earnings Report
Reported sequential growth in revenue and profitability, with bookings increasing.
Key Takeaways
inTEST Corporation reported solid Q3 2020 financial results, with a 9% sequential increase in net revenues to $14.4 million and non-GAAP adjusted net earnings per diluted share increasing to $0.07 from $0.05 in the previous quarter. The company saw improving conditions in most markets and a 4% sequential increase in bookings to $14.4 million.
Net revenues grew 9% sequentially.
Non-GAAP adjusted net earnings per diluted share increased from $0.05 to $0.07 sequentially.
Bookings increased 4% sequentially.
Improving conditions were seen in most markets.
Forward Guidance
inTEST expects net revenues for Q4 2020 to be in the range of $14.0 million to $15.0 million. GAAP net loss per diluted share is expected to range from $(0.08) to $(0.03), and non-GAAP adjusted net earnings (loss) per diluted share is expected to range from $(0.05) to breakeven. Gross margin is expected to range from 44% to 45%.
Positive Outlook
- Net revenues expected between $14.0 million and $15.0 million.
- Gross margin expected between 44% and 45%.
- Cost reduction activities initiated in Q3 are expected to result in substantial annual savings.
- Guidance for Q4, excluding non-recurring charges, would represent an improvement in financial results compared to Q3.
- Consolidation of EMS manufacturing is expected to streamline operations and better serve global customers.
Challenges Ahead
- GAAP net loss per diluted share expected between $(0.08) and $(0.03).
- Non-GAAP adjusted net earnings (loss) per diluted share expected between $(0.05) and breakeven.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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