Taking Profits (Reluctantly) At Cray
Vince Martin • 14 Comments
Vince Martin • 14 Comments
After A 50% Run, Cray Remains A Buy
Tue, May 3, 4:49 PM
- Though CRAY beat Q1 estimates, the supercomputer maker says there's now "an increased level of risk" to hitting full-year sales guidance of $825M (near an $826.3M consensus). The risk stems from "reliance on key third-party components, some of which have already been delayed, and the level and timing of new orders."
- Also: Q2 revenue guidance is at $100M, below a $120.7M consensus. 2016 non-GAAP gross margin guidance is now at 33%, slightly above a reported 2015 GM of 32%. Cray previously forecast GM would rise by 100-200 bps in 2016.
- Op. margin is still expected to improve in 2016. 60% of 2016 revenue is now expected to come in Q4.
- CRAY -17.5% after hours to $32.11.
- Cray's Q1 results, earnings release
Tue, May 3, 4:21 PM
Mon, May 2, 5:35 PM
- AGU, AMED, AMSG, ARC, AVD, BFAM, BGFV, BKH, BPI, CAI, CALD, CALX, CAR, CBS, CERS, CHEF, CHUY, CRAY, CSU, DVN, ENLK, ENPH, EPIQ, ETSY, FANG, FARO, FMI, GLUU, GMED, GNMK, HCI, HI, HRZN, IAG, IL, ILMN, INN, JKHY, KAMN, KAR, KFRC, LCI, LYV, MAC, MDU, MTCH, MTDR, MXWL, MYGN, NDLS, NFX, NKTR, NTRI, NYMT, OCLR, OKE, OKS, OMI, PAYC, PBPB, PKD, PLT, PRMW, PRO, PZZA, QUAD, QUOT, REG, REGI, RIGL, RLOC, RPXC, RSYS, RTRX, RUBI, SM, SPA, STAG, SUPN, TAHO, TNAV, TXMD, USNA, VIAV, VNOM, VRSK, VVUS, WES, WGP, WR, WTR, WU, XCO, XPO, XXIA, ZEN
Thu, Feb. 11, 6:37 PM
- CRAY's Q4 beat was accompanied by guidance for Q1 revenue of $100M, above a $97.2M consensus.
- Full-year sales guidance of ~$825M is once more reiterated; consensus is at $817.7M. Op. margin is expected to be up Y/Y in 2016, with gross margin rising by 100-200 bps.
- Gross margin fell to 32% from 34% a year ago. GAAP operating expenses rose 13% Y/Y to $56M. Cray ended 2015 with $285M in cash and no debt.
- CRAY +3.1% after hours to $35.00.
- Cray's Q4 results, earnings release
- Last month: Cray ups 2015 guidance, reiterates 2016 guidance
Thu, Feb. 11, 4:10 PM
Wed, Feb. 10, 5:35 PM
Mon, Jan. 11, 4:56 PM
- 2016 guidance for revenue of ~$825M is reiterated. Consensus is at $818M.
- Cray also announces it has "entered into an expanded credit agreement with Wells Fargo Bank for a $50 million revolving line of credit." The company doesn't have any current plans to use the facility. Cray's cash/investment balance is believed to have stood at $285M at the end of December.
- Shares haven't yet moved after hours. HPC system peer Silicon Graphics has also hiked its guidance this afternoon.
Oct. 30, 2015, 9:59 AM
- CRAY used its Q3 report to set initial 2016 revenue guidance of $825M, above a $773M consensus and implying 15% growth relative to (reiterated) 2015 guidance of $715M (+27% Y/Y).
- 2016 gross margin is expected to be in a low-to-mid 30% range (compares with reiterated 2015 guidance of 30%-33%). Operating expenses are forecast to rise 13%-15%; the tax rate is expected to stay at 10%.
- On the earnings call (transcript), CEO Peter Ungaro noted Cray plans to launch two new supercomputers in 2016 that rely on next-gen Intel Xeon CPUs, and that commercial customers are expected to account for over 15% of 2015 sales. The company is said to be working on "a number of new opportunities" for its Urika-GD and Urika-XA analytics systems.
- The Q3 beat was driven by the pull-in of "a few large customer acceptances" previously expected to be recognized in Q4. Ungaro states the pull-ins don't affect Cray's full-year forecast.
- Fellow HPC system maker SGI is also having a good day. SGI reiterated its FY16 (ends June '16) outlook two days ago.
- Q3 results, PR
Oct. 29, 2015, 4:15 PM
- Cray (NASDAQ:CRAY): Q3 EPS of $0.48 beats by $0.42.
- Revenue of $191.41M (+20.1% Y/Y) beats by $50.46M.
Oct. 28, 2015, 5:35 PM
- ARAY, ARI, ATEN, ATR, AUY, AXTI, AZPN, BCOR, BCOV, BGG, BIDU, BMRN, BVN, BXP, CALX, CATM, CENX, CLW, COLM, CPSI, CPT, CRAY, CTRL, CXP, DCT, DECK, DGI, DGII, DLR, EA, ECOL, EHTH, EMN, EPAY, ESS, EXPE, EXTR, EYES, FE, FLDM, FLR, FLS, FRGI, FSLR, FWM, GB, GNW, HWAY, IM, IMMR, IMPV, ISBC, IXYS, KAMN, KRG, LC, LEG, LNKD, LSCC, MEP, MOBL, MOD, MOH, MTSN, MXWL, NANO, NBIX, NR, NSR, NUS, OIS, OMCL, ON, OSIS, OUTR, PCCC, PDFS, PRMW, PSMT, QTM, RGA, RKUS, RSG, SAAS, SAM, SBUX, SCTY, SEM, SGEN, SHO, TMST, TNAV, TNDM, TRMB, TSRO, TSYS, TUES, VR, WRI, WU, WWWW, YRCW
Jul. 31, 2015, 12:40 PM
- Up in AH trading yesterday after beating Q2 estimates, offering light Q3 guidance, reiterating full-year sales guidance, and cutting its full-year opex and gross margin guidance, CRAY is heading in the opposite direction today.
- The supercomputer maker made a fresh 52-week low of $23.70 before bouncing a little. Shares now trade for 17x a 2016 EPS consensus of $1.49.
- On the earnings call (transcript), CEO Peter Ungaro noted storage accounted for over 15% of 1H15 revenue, and is set to "grow substantially" Y/Y in 2015. Cray recently hired engineers from Boston-based storage startup Terascala.
Jul. 30, 2015, 5:56 PM
- "We had a strong second quarter, highlighted by several key customer wins and our new installation at the King Abdullah University of Science and Technology in Saudi Arabia," says CEO Peter Ungaro in CRAY's Q2 report. "With recent wins at the Bureau of Meteorology in Australia and the Texas Advanced Computing Center, our momentum of new awards has continued and we're well positioned to deliver strong growth for the year."
- The supercomputer maker still expects full-year revenue (back-end loaded) of $715M (consensus is at $716.1M). However, operating expense guidance has been cut by $15M to $180M, and gross margin guidance to 30%-33% from 35%. Q3 revenue guidance of $140M is below a $195.7M - together with the Q2 beat, that suggests one or more deals previously expected to close in Q3 were pulled into Q2.
- Shares have jumped to $28.50 AH.
- Q2 results, PR
Jul. 30, 2015, 4:25 PM
- Cray (NASDAQ:CRAY): Q2 EPS of $0.30 beats by $0.45.
- Revenue of $186.16M (+118.6% Y/Y) beats by $56.72M.
Jul. 29, 2015, 5:35 PM
- AIV, AMCC, AMGN, ATEN, AUY, AVD, AXTI, BAS, BCOR, BCOV, BRCM, BVN, CALD, CATM, CLW, CMLS, COHR, COLM, CPSI, CPT, CRAY, CTRL, CXP, DCT, DECK, DGI, DLR, DTLK, EA, EEP, EGO, EIX, ELLI, ES, ESS, EVHC, EXPE, FE, FEIC, FEYE, FLR, FLS, FR, FRGI, GB, GMED, HBI, HK, HME, HTCH, IM, IMMR, INT, ISBC, KAMN, KLAC, LEG, LNKD, LRE, LSCC, MOH, MTD, MTSN, MWA, MXWL, NGVC, NR, NSR, OLN, OMCL, OUTR, PCCC, PDFS, PKI, PODD, PTCT, PXLW, QLGC, QTM, RGC, RMD, RNG, ROVI, SAM, SB, SGEN, SKYW, SPF, SPN, SYA, SYNA, SZYM, TCO, TEP, TMST, TNAV, TNDM, TPX, TSYS, TXTR, UHS, VCRA, VVUS, WAGE, WBMD, WU, WWWW, YRCW, ZLTQ
May 6, 2015, 12:48 PM
- CRAY has surged above $31 after beating Q1 EPS estimates (while slightly missing on revenue). The supercomputer/high-perofrmance storage provider has reiterated full-year sales guidance (back-end loaded, as usual) of $715M (consensus is at $716.9M), but has also forecast Q2 revenue of $130M (above a $118.2M consensus and good for 39% Y/Y growth).
- Full-year gross margin guidance is at 35%, while operating expense guidance has been hiked by $20M to $195M. GM fell 300 bps Y/Y in Q1 to 30%; operating expenses rose by $500K to $37.8M.
- Shares remain down 10% YTD following a steep late-February/early-March selloff.
- Q1 results, PR
Cray, Inc. designs, develops, manufactures and markets supercomputers and provide storage and analytics solutions. The company also provides software, system maintenance and support services and engineering services related to supercomputer systems. Its customers include domestic and foreign... More
Industry: Diversified Computer Systems
Country: United States
Other News & PR