New 52-week highs for Cray following Q2 beat, strong guidance

|About: Cray Inc (CRAY)|By:, SA News Editor

Cray (CRAY +16.3%) now expects 2013 revenue of $520M, above prior guidance of $500M and a $500.5M consensus.

Revenue was roughly flat Y/Y. Gross margin fell 900 bps Y/Y to 32% thanks to a product margin of 24% (-1800 bps), The supercomputer maker blames this on "higher than anticipated costs on a single, large installation." If not for this issue, GM would've come in at 38%. Services GM was 54%, up from 35% a year ago.

Opex +66% Y/Y to $36.6M. But it would've fallen slightly if not for a $15M R&D credit recorded last year.

Cray mentioned on its CC its YarcData big data/analytics appliance unit saw major orders from government and financial services clients.

SA contributor Vince Martin talked up Cray's prospects in June.

Q2 results, PR, CC transcript