Stock Monitor: Ocean Power Technologies Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 21, 2017 /Active-Investors.com has just released a free earnings report on Zebra Technologies Corp. (NASDAQ: ZBRA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=ZBRA . Zebra Technologies reported its third quarter fiscal 2017 (Q3 FY17) operating results on November 07, 2017. The producer of printers for barcodes, plastic cards, and radio-frequency identification tags outperformed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Ocean Power Technologies, Inc. (NASDAQ: OPTT), which also belongs to the Industrial Goods sector as the Company Zebra Technologies. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Zebra Technologies most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=ZBRA
Earnings Highlights and Summary
Zebra Technologies' net sales were $935 million in Q3 2017 compared to $904 million in Q3 2016. The Company's sales numbers exceeded analysts' expectations of $914 million.
During Q3 2017, Zebra Technologies' consolidated adjusted net sales were $936 million compared to $906 million in Q3 2016, reflecting growth of 3.3%. The Company's consolidated organic net sales growth for the reported quarter was 5.9% reflecting growth across all regions, most notably Latin America, EMEA, and North America.
For Q3 2017, Zebra Technologies' gross profit was $429 million compared to $414 million in Q3 2016. The Company's consolidated adjusted gross margin for the reported quarter was 46.0% versus 45.9% in the prior year's comparable period. This improvement was due to the unfavorable impact of a price concession to distributors of printer products imported into China in Q3 2016 and favorable changes in business mix, partially offset by temporarily higher supply chain related overhead costs and higher support services costs.
Zebra Technologies reported a net loss of $12 million, or $0.23 per diluted share, for Q3 2017 compared to a net loss of $83 million, or $1.61 per diluted share, for Q3 2016. The Company's non-GAAP net income for the reported quarter was $101 million, or $1.87 per diluted share, compared to $75 million, or $1.43 per diluted share, for the year-earlier same quarter, and came in ahead of Wall Street's estimates $1.72 per share.
During Q3 2017, Zebra Technologies' adjusted EBITDA increased to $180 million, or 19.2% of adjusted net sales, compared to $164 million, or 18.1% of adjusted net sales, for Q3 2016, primarily due to higher gross profit and lower operating expenses.
Segment Results
During Q3 2017, Zebra Technologies' net sales in the Enterprise segment were $611 million compared to $605 million in Q3 2016. The Company's legacy Zebra segment's net sales were $325 million in the reported quarter compared to $301 million in the prior year's corresponding period. Zebra Technologies' Q3 2017 y-o-y organic net sales growth was 5.5% in the Enterprise segment and 6.6% in the Legacy Zebra segment.
Balance Sheet and Cash Flow
As of September 30, 2017, Zebra Technologies had cash and cash equivalents of $88 million and total debt of $2.5 billion. During the reported quarter, the Company started executing on its debt restructuring plan which included an amended senior secured credit facility. This facility includes a new $687.5 million term loan A and a $500 million revolving credit facility. The Company's proceeds from the new facility were used to redeem $750 million of its 7.25% senior notes.
Zebra Technologies' free cash flow was $174 million for the first nine months of 2017. The Company generated $210 million of operating cash flow and incurred capital expenditures of $36 million.
For the first nine months of 2017, Zebra Technologies made payments of long-term debt of $1,373 million and received proceeds from the issuance of long-term debt of $1,186 million, resulting in a $187 million net reduction of total debt. The Company made cash interest payments of $148 million for the first nine months of 2017, which included $49 million of accelerated interest payments resulting from the early redemption of the senior notes.
Stock Performance Snapshot
December 20, 2017 - At Wednesday's closing bell, Zebra Technologies' stock rose 2.36%, ending the trading session at $106.38.
Volume traded for the day: 486.02 thousand shares, which was above the 3-month average volume of 302.13 thousand shares.
Stock performance in the last six-month period - up 1.24%; past twelve-month period - up 21.59%; and year-to-date - up 24.04%
After yesterday's close, Zebra Technologies' market cap was at $5.79 billion.
Price to Earnings (P/E) ratio was at 186.96.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry. This sector was up 0.3% at the end of the session.
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