Zebra First Quarter 2016 Results - Net Sales Down Compared to 1Q15

LINCOLNSHIRE, Ill., May 10, 2016 /PRNewswire/ -- Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in solutions and services that provides real-time visibility into organizations' assets, people, and transactions, today announced results for the first quarter ended April 2, 2016.

Zebra Logo

"Our first quarter results were below our expectations, with lower sales and earnings reflecting the continuation of a cautious enterprise spending environment against a tough comparison to double-digit growth last year," said Anders Gustafsson, CEO of Zebra Technologies. "Despite a challenging environment, we maintained gross margins, generated stronger operating cash flow, and continued to make steady progress on our integration of the Enterprise business."

"Given our first quarter results, continued macro uncertainty, and cautious spending behavior from many of our North America, EMEA, and Latin American customers, we are introducing a tempered outlook for the second quarter and have reduced our full-year sales outlook. We are, however, taking proactive steps to ensure we maximize sales opportunities and expand margins." Continued Mr. Gustafsson, "We remain fully committed to our strategic priorities of driving profitable growth, executing on cost synergies, de-levering the balance sheet, and operating as One Zebra. Our long-term growth prospects are supported by our leadership position in providing visibility and insight into our enterprise customers' operations."

$ in millions except per share data

1Q16

1Q15

Change

Selected reported measures:

     

Net sales

$   847

$  893

(5.2)%

Gross profit

$   390

$  409

(4.6)%

   Gross margin

46.0%

45.8%

         0.2 pts.

Net loss

$    (29)

$  (25)

(16.0)%

Reported loss per share

$    (0.56)

$   (0.50)

(12.0)%

       

Selected Non-GAAP measures:

     

Adjusted net sales

$   850

$  899

(5.5)%

   Adj. net sales decline in constant currency

   

(3.2)%

Adjusted gross profit

$   393

$  415

(5.3)%

   Adjusted gross margin

46.2%

46.2%

        NM

Adjusted EBITDA

$   132

$  152

(13.2)%

   Adjusted EBITDA margin

15.5%

16.9%

       (1.4) pts.

Non-GAAP net income

$    53

$    72

(26.4)%

Non-GAAP earnings per diluted share

$    1.01

$    1.41

(28.4)%

For the full release and assorted disclosures click here

 

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