Sonos (SONO) Tops Q1 EPS by 29c, Offers Guidance

Sonos (NASDAQ: SONO) reported Q1 EPS of $1.17, $0.29 better than the analyst estimate of $0.88. Revenue for the quarter came in at $645.6 million versus the consensus estimate of $589.86 million.

GUIDANCE:

Sonos sees FY2021 revenue of $1.525-1.575 billion, versus the consensus of $1.46 billion.

• Adjusted EBITDA increased to a range of $195 million to $225 million representing growth in the range of 80% to 107% year-over-year. This compares to a prior guidance range of $170 million to $205 million representing growth in the range of 57% to 89%. Excluding the effect of tariffs, growth is expected to be in the range of 40% to 62%.
• Adjusted EBITDA margin increased to a range of 13% to 14%, representing a 460 to 610 basis point improvement year-over-year and compared to prior guidance range of 12% to 14%. Excluding the effect of tariffs, adjusted EBITDA margin expected to be in range of 13.0% to 14.4%.
• Gross margin increased to a range of 46.0% to 46.5%, representing a 288 to 338 basis point improvement year-over-year and compared to prior guidance of 45.3% to 45.8%. Excluding the effect of tariffs, gross margin is expected to be in the range of 46.2% to 46.7%. Our fiscal 2021 outlook includes minimal impact from ongoing tariffs and does not include the $29.2 million in tariff refunds expected due to timing uncertainty.
• Revenue increased to a range of $1.525 billion to $1.575 billion, representing growth in the range of 15% to 19% from fiscal 2020 (17% to 21% on a comparable basis excluding the 53rd week in fiscal 2020). This compares to prior revenue guidance of $1.44 billion to $1.5 billion, or 9% to 13% growth (11% to 15% on a comparable basis excluding the 53rd week in fiscal 2020).

For earnings history and earnings-related data on Sonos (SONO) click here.

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