Illumina (ILMN) Tops Q4 EPS by 22c, Beats on Revenues; FY18 EPS Mid-Point Guidance Below Consensus

Illumina (NASDAQ: ILMN) reported Q4 EPS of $1.44, $0.22 better than the analyst estimate of $1.22. Revenue for the quarter came in at $778 million versus the consensus estimate of $750.24 million.

Fourth quarter 2017 results:

• Revenue of $778 million, a 26% increase compared to $619 million in the fourth quarter of 2016
• GAAP net income attributable to Illumina stockholders for the quarter of $68 million, or $0.46 per diluted share, compared to $124 million, or $0.84 per diluted share, for the fourth quarter of 2016; GAAP provision for income taxes for the fourth quarter of 2017 includes our provisional estimate of the one-time transition tax as a result of U.S. tax reform
• Non-GAAP net income attributable to Illumina stockholders for the quarter of $212 million, or $1.44 per diluted share, compared to $126 million, or $0.85 per diluted share, for the fourth quarter of 2016 (see the table entitled “Itemized Reconciliation Between GAAP and Non-GAAP Net Income Attributable to Illumina Stockholders” for a reconciliation of GAAP and non-GAAP financial measures)
• Cash flow from operations of $294 million compared to $262 million in the fourth quarter of 2016
• Free cash flow (cash flow from operations less capital expenditures) of $218 million for the quarter, compared to $180 million in the fourth quarter of 2016

Financial outlook and guidance

The non-GAAP financial guidance discussed below reflects certain pro forma adjustments to assist in analyzing and assessing our core operational performance. Please see our Reconciliation of Non-GAAP Financial Guidance included in this release for a reconciliation of the GAAP and non-GAAP financial measures.

For fiscal 2018, the company is projecting 13% to 14% revenue growth, GAAP earnings per diluted share attributable to Illumina stockholders of $4.14 to $4.24 and non-GAAP earnings per diluted share attributable to Illumina stockholders of $4.50 to $4.60.

GUIDANCE:

Illumina sees FY2018 EPS of $4.50-$4.60, versus the consensus of $4.58.

For earnings history and earnings-related data on Illumina (ILMN) click here.

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