Though it beat Q1 estimates, Silver Spring (SSNI -33%) guided on its CC (transcript) for Q2 revenue of $60M-$65M and EPS of -$0.22 to -$0.26, below a consensus of $75.4M and -$0.12. Likewise, full-year guidance is for revenue of $300M-$330M and EPS of -$0.15 to -$0.30, below a consensus of $366.1M and $0.10. Positive EPS/cash flow is expected in Q4.
The smart grid hardware/software providers says it continues to see "a number of deals get delayed," but insists it isn't seeing "competitive losses." Sales ops have been restructured, with all teams now reporting to co-founder Eric Dresselhuys.
Along with its results/guidance, Silver Spring has announced it's buying Streetlight.Vision, a provider of streetlight control/management software, for an undisclosed sum. Streetlight claims customers in Europe and China, and has already partnered with Silver Spring on a Paris project.
Shares are making fresh 52-week lows. They crashed in January following a Q4 warning also blamed on deal closing delays.