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- Zebra Technologies Corp ZBRA reported second-quarter FY21 non-GAAP net sales growth of 44.4% year-on-year to $1.38 billion, beating the analyst consensus of $1.35 billion. Consolidated organic net sales for the second quarter increased 39.8% Y/Y.
- Tangible products' net sales grew 47% Y/Y to $1.2 billion. Services and software revenue rose 27.6% Y/Y to $185 million.
- Net sales in the Enterprise Visibility & Mobility (EVM) rose 40.4% Y/Y to $959 million. Asset Intelligence & Tracking (AIT) segment net sales grew 54.2% Y/Y to $421 million.
- The non-GAAP gross margin expanded 390 bps to 48%, and the non-GAAP EBITDA margin expanded 530 bps to 23.6%.
- Non-GAAP EPS of $4.57 beat the analyst consensus of $4.11.
- Zebra generated $539 million of operating cash flow for the six months ended Jul. 3, and held $318 million in cash and equivalents.
- It continues to see extended lead times for specific product components and escalating international shipping costs as it enters the second half of the year with a strong order backlog and a robust business pipeline.
- Outlook: Zebra sees Q3 net sales of $1.37 billion - $1.42 billion, above the analyst consensus of $1.31 billion.
- It sees Q3 EPS guidance between $3.90-$4.10 versus the analyst consensus of $3.93.
- Price action: ZBRA shares traded lower by 1.33% at $543.66 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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