Plantronics, Inc. (PLT) has reported a 50.36 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $19.52 million, or $0.59 a share in the quarter, compared with $12.98 million, or $0.39 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $26.67 million, or $0.81 a share compared with $21.05 million or $0.64 a share, a year ago. Revenue during the quarter went down marginally by 0.40 percent to $208.95 million from $209.80 million in the previous year period. Gross margin for the quarter expanded 61 basis points over the previous year period to 51.53 percent. Total expenses were 85.64 percent of quarterly revenues, down from 91.45 percent for the same period last year. This has led to an improvement of 581 basis points in operating margin to 14.36 percent.
Operating income for the quarter was $30.01 million, compared with $17.94 million in the previous year period.
However, the adjusted operating income for the quarter stood at $39.85 million compared to $34.39 million in the prior year period. At the same time, adjusted operating margin improved 268 basis points in the quarter to 19.07 percent from 16.39 percent in the last year period.
"We achieved our revenue and profitability targets for the fiscal year, and while fourth quarter Consumer product revenues were weaker than anticipated, we are pleased to have achieved better than expected 10% growth in Consumer revenues for the full year," stated Joe Burton, president and chief executive officer. "We have a strong pipeline of products in all major categories, and are targeting an improved revenue growth rate for our Enterprise category in Fiscal Year 2018. The introduction of our Plantronics Manager Pro v3.9 software was met with an enthusiastic reception from both partners and Enterprise customers, and we believe our software offerings and vision provide a strategic advantage in the Enterprise market."
For the first-quarter, Plantronics, Inc. expects revenue to be in the range of $211 million to $221 million. It expects operating income to be in the range of $28 million to $33 million. It expects adjusted operating income to be in the range of $37 million to $42 million. It projects diluted earnings per share to be in the range of $0.52 to $0.62. It projects diluted earnings per share to be in the range of $0.70 to $0.80 on an adjusted basis for the same period..
Operating cash flow declines
Plantronics, Inc. has generated cash of $137.97 million from operating activities during the year, down 6.06 percent or $8.90 million, when compared with the last year. The company has spent $22.45 million cash to meet investing activities during the year as against cash outgo of $131.60 million in the last year.
The company has spent $46.55 million cash to carry out financing activities during the year as against cash outgo of $56.70 million in the last year period.
Cash and cash equivalents stood at $301.97 million as on Mar. 31, 2017, up 28.35 percent or $66.70 million from $235.27 million on Mar. 31, 2016.
Debt remains almost stable
Total debt of Plantronics, Inc. remained almost stable for the quarter at $491.06 million, when compared with the last year period. Long-term debt of Plantronics remained almost stable for the quarter at $491.06 million, when compared with the last year period. Total debt was 48.28 percent of total assets as on Mar. 31, 2017, compared with 53.91 percent on Mar. 31, 2016. Debt to equity ratio was at 1.28 as on Mar. 31, 2017, down from 1.57 as on Mar. 31, 2016. Interest coverage ratio improved to 4.08 for the quarter from 2.28 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
