9/13/2023 0 Comments Nasdaq zbra financialsNet income for the third quarter of 2022 was $170 million, or $3.26 income per diluted share, compared to net income of $199 million, or $3.69 per diluted share, for the third quarter of 2021. Adjusted operating expenses increased in the third quarter of 2022 to $356 million from $354 million in the prior year period. Operating expenses increased in the third quarter of 2022 to $426 million from $409 million in the prior year period, primarily due to expenses associated with recently acquired businesses partially offset by lower incentive compensation expense. Adjusted gross margin was 45.8% in the third quarter of 2022 compared to 45.1% in the prior year period. The increase was primarily due to favorable business mix and lower premium supply chain costs partially offset by unfavorable foreign currency changes. Gross margin increased to 45.6% for the third quarter of 2022 compared to 45.0% in the prior year period. Third quarter 2022 gross profit was $628 million compared to $646 million in the prior year period. Third-quarter year-over-year organic net sales decreased by 8.8% in the EVM segment and increased by 12.4% in the AIT segment. Consolidated organic net sales for the third quarter decreased 3.2%. Asset Intelligence & Tracking ("AIT") segment net sales were $415 million in the third quarter of 2022 compared to $378 million in the prior year period. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $963 million in the third quarter of 2022 compared with $1,058 million in the third quarter of 2021. Net sales were $1,378 million in the third quarter of 2022 compared to $1,436 million in the third quarter of 2021. Despite these near-term challenges, we are well positioned to benefit from secular trends to digitize and automate workflows in a labor constrained and increasingly on demand economy.” We have also initiated meaningful actions to improve our supply chain. We are taking a cautious approach to our Q4 sales outlook and expense management, while working to right-size our working capital levels in the coming quarters. "Customer demand and our order pipeline generally remain solid, yet we have been seeing softening demand and elongated sales cycles since late in the third quarter. These challenges, along with certain large customer projects being deferred, impacted product shipments exiting the quarter, resulting in lower-than-expected sales and profitability," said Anders Gustafsson, Chief Executive Officer of Zebra Technologies. “We are recovering from supply chain challenges related to persistent component shortages and the transition to our new North American distribution center. LINCOLNSHIRE, Ill.-(BUSINESS WIRE)- Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced results for the third quarter ended October 1, 2022. Non-GAAP diluted EPS decreased 9.5% year-over-year to $4.12Īdjusted EBITDA decreased 6.7% year-over-year to $291 million Net income of $170 million and net income per diluted share of $3.26 Net sales of $1,378 million year-over-year decrease of 4.0%
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