Intevac. (IVAC) Misses Q4 EPS by 12c, Revenues Miss

Intevac. (NASDAQ: IVAC) reported Q4 EPS of $0.08, $0.12 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $31.6 million versus the consensus estimate of $34.4 million.

“We are very pleased to report a profitable year of growth for 2019, with continued momentum executing against our strategic growth initiatives,” commented Wendell Blonigan, president and chief executive officer of Intevac. “Technology investments by our hard drive customers resulted in a record fourth quarter for our HDD upgrades business, and revenues for the year exceeded expectations at $109 million, up 14% over 2018, with profitability also above forecast.

“We achieved a number of significant milestones in 2019, in support of our long-term growth initiatives,” continued Mr. Blonigan. “We booked a record $40M order in July in Photonics, which along with the IVAS program, drove Photonics backlog to new record levels, giving us multi-year visibility for continued strong growth and profitability for this business. In our TFE growth initiatives, in 2019 we launched our new Marathon™ system and ultra-durable DiamondClad™ coatings, which enable best-in-class protective films at an attractive price point for the mobile device market. We were successful in placing evaluation systems with industry leaders, including VERTEX in the display cover panel market, and MATRIX in the advanced semiconductor packaging industry.

“Each of these milestones supports the long-term revenue growth and profitability objectives for Intevac,” concluded Mr. Blonigan. “As we look towards our outlook for 2020, we continue to drive towards another year of growth, which we expect will be supported by continued momentum in our Photonics business and the successful execution of our TFE growth initiatives.”

For earnings history and earnings-related data on Intevac. (IVAC) click here.

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