Business
Turtle Beach Reports Selected Preliminary 2019 Results
SAN DIEGO, Feb. 12, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, is providing selected
About this update from Turtle Beach Corporation
[{"type":"text","content":"SAN DIEGO, Feb. 12, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, is providing selected preliminary unaudited fourth quarter and full-year 2019 results. \n\n \n \n\n \nBased on preliminary unaudited information, Turtle Beach expects to report fourth quarter 2019 sales between $100 million and $102 million compared to $111.3 million reported in the fourth quarter of 2018. For the full year 2019, sales are expected to be between $233 million and $235 million compared to $287.4 million in 2018. \n\"Our 2019 sales were the second highest in Turtle Beach's history and played out very close to our expectations throughout 2019,\" said Juergen Stark, CEO, Turtle Beach. \"While last year's performance was strong, headset sales in 2018 saw an extraordinary surge thanks to the popularity of Battle Royale games, which led to an overall decline in 2019 sales, as anticipated.\n\"Consistent with the initial outlook we provided in March of last year, full year industry-wide retail sales of console headsets were down 21% in 2019. According to NPD, our North America market share was 43.4% in 2019, down slightly from 45.7% in 2018 as expected. We continued to lead the market with our 2019 share higher than that of the next three largest console headset makers combined.1 With the acquisition of ROCCAT in May of 2019, our expansion into the PC gaming accessories market showed strong year-over-year revenue growth.\" \nPreliminary diluted earnings per share for the fourth quarter are expected to be between $0.64 and $0.75 compared to $1.33 in the fourth quarter of 2018. For the full year 2019, preliminary diluted earnings per share are expected to be between $0.40 and $0.50 compared to $2.74 in 2018. Preliminary adjusted diluted earnings per share for the fourth quarter are expected to be between $0.67 and $0.78 compared to $1.33 in the fourth quarter of 20182. For the full year 2019, preliminary adjusted diluted earnings per share are expected to be between $0.57 and $0.69 compared to $3.05 in 2018.1 \nThe preliminary earnings per share estimate ranges assume an effective tax rate of approximately 20% and exclude potentially material positive or negative impacts from finalization of the tax provision, completion of the annual goodwill assessment, and other potential adjustments. \nAdjusted E...