Zebra Technologies Announces Third-Quarter 2019 Results
Third-Quarter Financial Highlights
- Third-quarter net sales of $1,130 million; year-over-year growth of 3.5%
- Net income of $136 million and net income per diluted share of $2.50
- Non-GAAP diluted EPS increased 19.1% year-over-year to $3.43
- Adjusted EBITDA increased 11.7% year-over-year to $257 million; and adjusted EBITDA margin expanded 160 bps year-over-year to 22.7%
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced results for the third quarter ended September 28, 2019.
"In the third quarter our team executed well, drove broad-based productivity improvements, and delivered record earnings per share, which exceeded our guidance range. Sales growth in North America and EMEA was partially offset by a softer spending environment in China,” said Anders Gustafsson, Chief Executive Officer of Zebra Technologies. “Our team continues to win business with a broad range of leading enterprises as evidenced by our recently announced multi-year agreement with the United States Postal Service. Our value proposition and industry-leading portfolio of solutions are resonating with customers, providing confidence in a solid finish to the year. We continue to invest in our Enterprise Asset Intelligence vision, broadening our capabilities as a solutions provider in vibrant markets."
$ in millions, except per share amounts |
3Q19 |
3Q18 |
Change |
|||||
Select reported measures: |
||||||||
Net sales |
$ |
1,130 |
$ |
1,092 |
3.5 |
% |
||
Gross profit |
535 |
505 |
5.9 |
% |
||||
Net income |
136 |
127 |
7.1 |
% |
||||
Net income per diluted share |
$ |
2.50 |
$ |
2.34 |
6.8 |
% |
||
Select Non-GAAP measures: |
||||||||
Organic net sales growth |
3.0 |
% |
||||||
Adjusted gross profit |
539 |
507 |
6.3 |
% |
||||
Adjusted gross margin |
47.7 |
% |
46.4 |
% |
130 bps |
|||
Adjusted EBITDA |
257 |
230 |
11.7 |
% |
||||
Adjusted EBITDA margin |
22.7 |
% |
21.1 |
% |
160 bps |
|||
Non-GAAP net income |
$ |
187 |
$ |
156 |
19.9 |
% |
||
Non-GAAP earnings per diluted share |
$ |
3.43 |
$ |
2.88 |
19.1 |
% |
Reported (GAAP) results
Net sales were $1,130 million in the third quarter of 2019 compared to $1,092 million in the third quarter of 2018. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $757 million in the third quarter of 2019 compared with $739 million in the third quarter of 2018. Asset Intelligence & Tracking ("AIT") segment net sales were $373 million in the third quarter of 2019 compared to $353 million in the prior year period. Third-quarter 2019 gross profit was $535 million compared to $505 million in the comparable prior year period. Net income for the third quarter of 2019 was $136 million, or $2.50 per diluted share, compared to net income of $127 million, or $2.34 per diluted share, for the third quarter of 2018.
Adjusted (Non-GAAP) results ... (click to get the full release)
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