ITGR expects 2022 adj. EPS of $3.57-$3.97 vs. consensus estimate of $4.33. Its prior guidance was $4.20-$4.50.
2022 sales are estimated to be $1.35B-$1.38B vs. consensus estimate of $1.38B. Prior outlook was $1.37B-$1.395B.
The new guidance incorporates a reduction of ~$35M sales due to missed commitments from three suppliers.
ITGR expects Q3 adj. EPS of $0.86-$0.99 vs. consensus estimate of $1.17
Q3 sales are projected to be $342M-$344M vs. consensus estimate of $353.97M. Sales were impacted by ~$15M due to the three suppliers' delivery challenges.
ITGR also added 5% more direct labor in Q3 to meet the high-end of its sales outlook.
"... to address impact of higher manufacturing and direct labor costs, we reduced SG&A costs by ~$8M on an annualized basis," said ITGR CEO Joseph Dziedzic.
ITGR continues to raise prices to pass through inflationary costs and expect Y/Y price to be flat or slightly positive in 2023 vs. a typical 1-2% reduction.
"Looking forward to 2023, our preliminary sales outlook is 7-9% growth, supported by end-market demand, a strong backlog and continued new product introductions," said Dziedzic.