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Volt Information Sciences -7% post Q3 earnings miss

Sep. 06, 2019 11:06 AM ETBy: Vandana Singh, SA News Editor2 Comments
  • Volt Information Sciences down (VISI -6.9%) as Q3 earnings came in below expectations.
  • Revenue declined 9.6% Y/Y to $233.2M and 7.1% on a same-store basis, however, overall gross margin improved 120bps to 15.3%, driven by improved customer pricing and lower payroll taxes.
  • Posted narrower net loss of $6.1M compared to 11.4M last year and operating loss lowered to $4.8M from $8.9M
  • Subsequent to quarter-end, appointed Herb Mueller as SVP & CFO and Bob Houghton as Chief Information Officer
  • For Q4, the Company expects same-store revenues to be ~4%– 6% below Q4 2018; also, expects sequential and Y/Y improvement at the EBITDA line.
  • Previously: Volt Information Sciences EPS misses by $0.09, misses on revenue (Sept. 5)

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