EDEN PRAIRIE, Minn., May 6, 2019 — (PRNewswire) — MTS Systems Corporation (Nasdaq: MTSC), a leading global supplier of high-performance test systems, motion simulators and sensors, today reported financial results for its fiscal year 2019 second quarter ended March 30, 2019.
SECOND QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
- Revenue of $233.0 million, reflecting the highest revenue-producing quarter in the history of MTS, including record revenue in both Test & Simulation and Sensors
- GAAP diluted earnings per share of $0.73, an increase of $0.29 or 66% year-over-year
- Net income margins of 6.1% for the quarter, a year-over-year increase of 167 basis points
- Adjusted EBITDA margins of 16.1% for the quarter, a year-over-year increase of 172 basis points
- Backlog of $493.5 million, a year-over-year increase of 40%
- Declared 149th consecutive quarterly dividend
FINANCIAL TABLE
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
(in thousands, except per share data - unaudited) |
March 30,
|
March 31,
|
March 30,
|
March 31,
|
|||||||||||
|
Revenue |
$ |
233,046 |
$ |
191,323 |
$ |
436,227 |
$ |
385,485 |
|||||||
|
Revenue % increase (decrease)1 |
21.8 |
% |
(1.1) |
% |
13.2 |
% |
(1.8) |
% |
|||||||
|
Gross margin |
37.5 |
% |
39.1 |
% |
38.0 |
% |
39.6 |
% |
|||||||
|
Operating margin |
10.4 |
% |
8.7 |
% |
9.7 |
% |
8.6 |
% |
|||||||
|
Earnings before taxes |
$ |
17,076 |
$ |
10,176 |
$ |
28,273 |
$ |
19,646 |
|||||||
|
Net income |
14,160 |
8,438 |
24,661 |
41,589 |
|||||||||||
|
Diluted earnings per share |
0.73 |
0.44 |
1.27 |
2.16 |
|||||||||||
|
Adjusted diluted earnings per share2 |
0.76 |
0.45 |
1.36 |
2.18 |
|||||||||||
|
Adjusted EBITDA2 |
37,554 |
27,526 |
67,656 |
54,404 |
|||||||||||
|
Cash and cash equivalents, end of period |
74,122 |
84,378 |
|||||||||||||
|
Backlog, end of period |
493,468 |
352,172 |
|||||||||||||
|
Total debt, end of period |
464,420 |
409,733 |
|||||||||||||
|
1 |
Revenue growth rates in fiscal year 2019 reflect the acquisition of E2M Technologies B.V. that occurred on November 21, 2018. |
|
2 |
Refer to the "Non-GAAP Financial Measures" section below for discussion of the calculation of these non-GAAP financial measures. |
