Emcore posts disappointing Q2
Ccustomer inventory adjustments led to an order shortfall for CATV business, says CEO
Emcore has announced financial results for Q2 ended March 31, 2018 with revenue of $18.6 million, representing a 22.5 percent decrease from the prior quarter's revenue of $24.0 million. (Revenue in Q2 2017 was higher at $32.59 million).
Jeffrey Rittichier, Emcore's president and CEO commented: "Despite solid continued MSO capital expenditures, customer inventory adjustments led to an order shortfall this quarter for our cable TV business. However, we saw good design win traction with our LEML products, an uptick in demand from our other CATV customers and good performance in line with our expectations in our Chip and Navigation businesses."
GAAP gross margin was 26.6 percent, representing a decrease from the 32.9 percent gross margin in the prior quarter, Non-GAAP gross margin was 27.3 percent, representing a decrease from 33.6 percent in the prior quarter.
GAAP operating margin was (21.1) percent, representing a decrease from (3.4) percent in the prior quarter, non-GAAP operating margin was (12.0) percent, representing a decrease from 2.5 percent in the prior quarter
GAAP diluted pre-tax EPS from continuing operations of $(0.12), representing a decrease from $(0.02) in the prior quarter, non-GAAP diluted pre-tax EPS from continuing operations of $(0.08), representing a decrease from $0.03 in the prior quarter
Cash and cash equivalents was $65.5 million at the end of the quarter, an increase of $1.3 million when compared to the end of the prior quarter
The Company expects revenue for the fiscal third quarter ending June 30, 2018 to be in the range of $17 to $19 million.