Activism Clearly The Cure For What Ails Perceptron
Perceptron: The Beauty Of Low Expectations
Left Shark Investing
Left Shark Investing
Yesterday, 3:00 PM
Fri, Aug. 5, 3:00 PM
Mon, May 9, 4:36 PM
Thu, Mar. 3, 1:06 PM
- Perceptron (PRCP -1.8%) is cutting 10% of its workforce as part of a restructuring meant to achieve $4.5M/year in pre-tax savings. $3M worth of one-time charges are expected. The cuts will be spread across geographic regions, departments, and roles.
- The 3D scanning/measurement tool provider has also issued FQ3 sales guidance of $16M-$19M, almost entirely below an $18.95M 2-analyst consensus. FQ4 revenue is expected to be "slightly higher" Q/Q; consensus is for revenue to grow to $22.4M.
- The announcement comes three weeks after shares tumbled in response to an FQ1 miss.
Tue, Feb. 9, 12:42 PM
- Perceptron (NASDAQ:PRCP) has tumbled to new 52-week lows after missing FQ2 sales estimates. The company insists demand for its core In-Line measurement systems remained strong among automotive clients in FQ2, but does report seeing "some localized challenges," such as scheduling delays from Chinese clients.
- Bookings/backlog: Bookings remained strong in FQ2, rising 62% Y/Y to $20.6M (above revenue of $17.2M). Americas bookings totaled $7.4M, European bookings $8.8M, and Asian bookings $4.4M. Backlog rose by $3.3M Q/Q and $1.4M Y/Y to $40.4M.
- Financials: Gross margin was 29.6% vs. 29.4% in FQ1 and 48% a year ago. The Y/Y drop is blamed on lower revenue, mix changes caused by acquisitions, and forex. SG&A spend rose by $500K Y/Y to $5.4M; R&D/engineering spend was nearly flat at $2M. Perceptron ended FQ2 with $8.7M in cash and no debt.
- Perceptron's FQ2 results, earnings release
Mon, Feb. 8, 4:45 PM
- Perceptron (NASDAQ:PRCP): FQ2 EPS of -$0.17 may not be comparable to consensus of $0.03.
- Revenue of $17.2M (-27.1% Y/Y) misses by $2.7M.
Wed, Jan. 27, 8:43 AM
- Jeffrey M. Armstrong, Perceptron's (NASDAQ:PRCP) CEO since Oct. 2013, has resigned from his position and the board. Chairman W. Richard Marz will serve as interim CEO while the board searches for Armstrong's successor.
- Marz on FQ2 results: "Final results for the second-quarter and first six months of our 2016 fiscal year will be announced on February 8. On a preliminary basis, we expect second-quarter revenue to improve sequentially from the first quarter of this year, while bookings should approach a record second-quarter level." Consensus is for revenue to rise to $20.8M from FQ1's $15.1M.
- Perceptron hasn't yet moved premarket.
Nov. 11, 2015, 10:33 AM
Nov. 5, 2015, 10:34 AM
- Perceptron (NASDAQ:PRCP) has tumbled to new 52-week lows after missing FQ1 estimates and reporting a 39% Y/Y drop in bookings to $13.2M (compares with a 34% increase in revenue to $15.1M). The bookings drop led backlog to fall 5% Q/Q and 26% Y/Y to $37.1M.
- FQ1 bookings are blamed on order timings, soft Chinese and Brazilian demand - other tech firms with strong industrial exposure have reported seeing similar trends - and a strong dollar. Americas bookings fell by $5.1M to $4.8M, European bookings by $0.4M to $6.6M, and Asian bookings by $3M to $1.8M.
- FQ1 details: European sales more than doubled Y/Y in Q3 thanks in part to acquisitions, while Americas and Asia sales were flat. Gross margin rose 170 bps Y/Y to 29.4%, SG&A spend rose by $1.2M to $5.3M, and R&D spend by $0.5M to $2.2M. Perceptron ended FQ1 with $13.9M in cash, and no debt.
- FQ1 results, PR
Nov. 4, 2015, 5:02 PM
- Perceptron (NASDAQ:PRCP): FQ1 EPS of -$0.23 may not be comparable to consensus of -$0.09.
- Revenue of $15.1M (+34.8% Y/Y) misses by $1.76M.
Sep. 28, 2015, 3:00 PM
- Plenty of high-beta tech names are getting clobbered as the Nasdaq posts a 3% drop amid a broad market selloff.
- Firms down over 5% include memory giant Micron (MU -5.6%), salvage auction site Liquidity Services (LQDT -10.5%), industrial measurement toolmaker Perceptron (PRCP -12.1%), cloud healthcare software provider Castlight (CSLT -5.4%), CDN owner Limelight (LLNW -8.6%), mortgage origination software firm Ellie Mae (ELLI -6.1%), ultracapacitor maker Maxwell (MXWL -8.5%), Korean analog/mixed-signal chipmaker MagnaChip (MX -9.3%), online loan marketplace LendingTree (TREE -7.9%), and online ad retargeting firm Criteo (CRTO -5.9%).
- Micron's decline comes ahead of its Thursday FQ4 report. Nomura predicted today FQ4 results will miss consensus, and that FQ1 will also be weak. "While an estimate cut is well understood, we believe Micron’s stock will continue to track DRAM/NAND pricing, which is trending lower into the peak of the build season.” Cowen, on the other hand, argued FQ4 will be the bottom, and stated checks point to Samsung "pulling back meaningfully on capex."
- See also: Solar stocks, GoPro, Mindbody, Qorvo
Sep. 8, 2015, 4:19 PM| Sep. 8, 2015, 4:19 PM
Aug. 26, 2015, 4:38 PM
- Perceptron (NASDAQ:PRCP): FQ4 EPS of $0.04 misses by $0.07.
- Revenue of $23.4M (+34.5% Y/Y) beats by $3.72M.
Jun. 23, 2015, 3:40 PM
- In addition to 3D Systems (up 6% with the help of fresh GE-related M&A chatter) printer makers Stratasys (SSYS +2.6%), ExOne (XONE +6%), Voxeljet (VJET +4.5%), and Arcam (OTCPK:AMAVF +2.4%) have posted healthy gains, and so has 3D measurement/scanning hardware maker Perceptron (PRCP +4.4%). The Nasdaq is up 0.1%.
- Shorts, many of whom undoubtedly have large paper profits, might be cashing in: Stratasys, ExOne, and Voxeljet respectively had 22%, 33%, and 12% of their floats shorted as of May 29.
May 6, 2015, 5:43 PM
- Perceptron (NASDAQ:PRCP): FQ3 EPS of -$0.17 misses by $0.03.
- Revenue of $16.2M (-6.4% Y/Y) beats by $0.15M.
Apr. 27, 2015, 5:54 PM
- Perceptron (NASDAQ:PRCP) expects to report FQ3 (March quarter) revenue of "just over" $16M and EPS (excluding $0.11 worth of one-time expenses) of -$0.05 to -$0.07; consensus is at $17.3M and $0.09.
- The 3D measurement/scanning hardware maker says it's still on track to produce FY15 (ends June '15) revenue of ~$70M, up from FY14's $59.6M; consensus is at $70.3M.
- A weak euro had an impact on Q1 results. In addition, gross margin was hurt by project timing issues.
- Shares have fallen to $12.33 AH. The news comes 5 days after Perceptron announced CFO Keith Marchiando is leaving to take a position with a private company.
Perceptron, Inc. develops, produces and sells automated industrial dimensional inspection and 3D scanning products. The company's products include Dimensional Gauging, Dimensional Inspection, 3D Scanning, Robot Guidance, Gap and Flush solutions and Metrology Software. Its products are... More
Industry: Scientific & Technical Instruments
Country: United States