First-Quarter Financial Highlights
- Strong net sales of $977 million; year-over-year growth of 13%
- Net income of $109 million and net income per diluted share of $2.01
- Non-GAAP diluted EPS increased 87% year-over-year to $2.56
- Adjusted EBITDA increased 37% year-over-year to $204 million; and adjusted EBITDA margin expanded 370 basis points year-over-year to 20.9%
- $116 million of cash from operations and $98 million of free cash flow; $95 million reduction of total debt
Lincolnshire, Ill., May 8, 2018 — Zebra Technologies Corporation (NASDAQ: ZBRA), the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, today announced results for the first quarter ended March 31, 2018.
“Our first quarter results were driven by strong broad-based market demand for our solutions and excellent operational execution by our team. We delivered net sales, EBITDA margin, and earnings per share above the respective guidance ranges. We also continued to aggressively retire debt, reducing our net leverage ratio to 2.8x,” said Anders Gustafsson, chief executive officer of Zebra Technologies. “Given our sales and margin outperformance, we are raising our full-year outlook for sales growth, EBITDA margin, and free cash flow. We continue to be laser focused on providing innovative solutions that give our customers a performance edge on the front lines of their business operations.”
Reported (GAAP) results
Net sales were $977 million in the first quarter of 2018 compared to $865 million in the first quarter of 2017. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $625 million in the first quarter of 2018 compared with $544 million in the first quarter of 2017. Asset Intelligence & Tracking ("AIT") segment net sales were $352 million in the first quarter of 2018 compared to $322 million in the prior year period. First-quarter 2018 gross profit was $465 million compared to $401 million in the comparable prior year period. Net income for the first quarter of 2018 was $109 million, or $2.01 per diluted share, compared to net income of $8 million, or $0.16 per diluted share, for the first quarter of 2017.
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