Activism Clearly The Cure For What Ails Perceptron
Perceptron: The Beauty Of Low Expectations
Left Shark Investing
Left Shark Investing
Perceptron: A Fifty-Cent Dollar
Default Investing • 21 Comments
Default Investing • 21 Comments
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
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
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
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.
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.
Mar. 20, 2015, 1:24 PM
- Canaccord has launched coverage on Perceptron (NASDAQ:PRCP) with a Buy rating and $15 target. Shares have risen to their highest levels since last July.
- Separately, the 3D scanning hardware vendor has unveiled a small-footprint coordinate measurement machine (CMM) that can be used for "the inspection of high-volume production parts or of single-part inspection at the smaller manufacturing operations" It follows the recent acquisition of Italian CMM maker Coord3 Industries and Czech CMM software developer Next Metrology.
Feb. 5, 2015, 9:12 AM
Aug. 20, 2014, 5:35 PM
Aug. 20, 2014, 5:22 PM
- Perceptron's (NASDAQ:PRCP) FQ4 revenue of $17.4M missed a sole analyst estimate of $18.3M. EPS of $0.10 missed an estimate of $0.23.
- The 3D industrial measurement/inspection system vendor says "several customers delayed system installations" in FQ4, pushing revenue into FY15 and (due to fixed costs) hurting margins.
- Perceptron adds profits were also hurt by "additional operating costs, primarily related to the management changes made over the course of the year, higher costs associated with additional Sarbanes Oxley compliance requirements and investments we are making to implement our new strategic plan."
- Bookings totaled $20.4M, -5% Y/Y but exceeding revenue by $3M. Backlog rose by $3M Q/Q and $8.9M Y/Y to $39.3M. Americas sales totaled $6.1M, European sales $7.8M, and Asia-Pac sales $3.5M.
- Gross margin fell 540 bps Y/Y to 42.7%. SG&A spend was roughly flat at $4.2M, while R&D spend fell 11% to $1.8M.
- FQ4 results, PR
Jun. 17, 2014, 5:05 PM
- In article embargoed until 5AM ET Wednesday, SA Pro author Christopher Owens notes half of Perceptron's (PRCP +11.5%) market cap is covered by net working capital, and 1/3 by cash.
- Owens praises 3D measurement/inspection tool vendor's record backlog and dominant market position, and thinks 60% upside is possible with "conservative assumptions."
- Shares had been gradually trending lower from their January highs in recent months.
May 6, 2014, 6:36 PM
- Perceptron (PRCP): FQ3 EPS of $0.26 beats by $0.06.
- Revenue of $17.3M (+17% Y/Y) misses by $0.13M. Shares +4.6% AH.
Feb. 5, 2014, 9:53 AM
- Citing gross margin pressure stemming from an unfavorable mix, along with heavy spending, 3D Systems (DDD -27.4%) now expects to report 2013 EPS of $0.83-$0.87, below prior guidance of $0.93-$1.03 and a $0.96 consensus. Revenue is expected to be in a range of $513M-$514M, in-line with guidance of $500M-$530M but slightly below a $514.2M consensus.
- 3D's full-year guidance implies Q4 EPS of just $0.16-$0.20, far below a $0.30 consensus.
- The company also now expects 2014 revenue of $680M-$720M and EPS of $0.73-$0.85. While the former is above a $671.3M consensus, the latter is below a $1.27 consensus.
- Whereas 3D's gross margin rose 80 bps Y/Y in Q3, it's expected to be down slightly in Q4.
- With the company carrying steep multiples going into today, 3D Systems investors aren't taking the news well. Neither are investors in peers Stratasys (SSYS -12.3%), ExOne (XONE -13.7%), and Voxeljet (VJET -10.1%).
- Other companies occasionally hyped as 3D printing plays are also off sharply: PRLB -6.2%. PRCP -10.7%. CIMT -6.3%.
- 3D's full Q4 results are due on Feb. 28.
Jan. 21, 2014, 11:09 AM
- In an SA Pro column (embargoed until 10:15AM ET Wednesday), Inflection Point Investing argues Perceptron's (PRCP +5.2%) shares could rise 75% in 2014 (adding to big 2013 gains), thanks to strong operating leverage and growing adoption of the company's Helix 3D measurement/scanning tech.
- Perceptron shares jumped 11 days ago after the company announced a German automaker is buying 45 of the company's inline gauging/measurement systems, which rely on Helix.
Jan. 10, 2014, 12:47 PM
Jan. 10, 2014, 12:20 PM
- An unnamed German automaker has agreed to buy 45 of Perceptron's (PRCP +24.7%) inline gauging/measurement systems, which rely on its Helix 3D scanning tech. The order is said to represent "the largest single-location deployment" of Helix to date. Shipments start in March.
- Perceptron assets the ability of its products to provide three-dimensional measurement/feedback data in real-time as a vehicle moves down an assembly line was a key selling point.
- Shares have jumped to levels last seen in the 1990s, and are up 188% from where they traded at the start of 2013.
Perceptron, Inc. develops, produces and sells non-contact measurement and inspection solutions for industrial applications. The Company's products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning, and inspection... More
Industry: Scientific & Technical Instruments
Country: United States
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