AXT Earnings: Here’s Why Investors are Happy Now
AXT Inc. (NASDAQ:AXTI) had a loss and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 10.71%.
AXT Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.02 in the quarter versus EPS of $0.08 in the year-earlier quarter.
Revenue: Decreased 10.79% to $18.93 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AXT Inc. reported adjusted EPS loss of $0.02 per share. By that measure, the company missed the mean analyst estimate of $-0.02. It beat the average revenue estimate of $17.38 million.
Quoting Management: “While we are coming off of a tough year in our industry, we believe that we have been able to weather the environment reasonably well, remaining profitable for the year and generating nearly $10 million in cash,” said Morris Young, chief executive officer. “As we enter 2013, we are seeing signs of market improvement in several of our product categories and believe that the current customer landscape holds interesting opportunity for AXT. We are approaching the year with cautious optimism and will continue to exercise tight expense control and careful financial planning. We believe that AXT is a strong competitor and we are focused on delivering growth and shareholder value in 2013.”
Key Stats (on next page)…