Business
Zebra Technologies Announces Second-Quarter 2020 Results
Second-Quarter Financial Highlights Second-quarter net sales of $956 million; year-over-year decrease of 12.9% Net income of $100 million and net income per
About this update from Zebra Technologies Corporation
[{"type":"text","content":"\nSecond-Quarter Financial Highlights\n\n\n\nSecond-quarter net sales of $956 million; year-over-year decrease of 12.9%\n\n\nNet income of $100 million and net income per diluted share of $1.85, year-over-year decreases of 19.4% and 18.1%, respectively\n\n\nNon-GAAP diluted EPS decreased 20.2% year-over-year to $2.41\n\n\nAdjusted EBITDA decreased 24.9% year-over-year to $175 million\n\n\n LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--\nZebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced results for the second quarter ended June 27, 2020.\n\n\n\"In Q2 our teams remained agile and executed very well through the global pandemic. It has been inspiring for me to see our employees rally to keep the business, and each other, moving forward. We delivered on our customer commitments and achieved sales and EPS above the midpoint of our outlook. Although freight costs were higher than expected, we thoughtfully managed discretionary costs across the company to preserve profitability and cash flow,” said Anders Gustafsson, Chief Executive Officer of Zebra Technologies. “We entered Q3 with a solid order backlog and encouraging pipeline of large orders. With that said, we have clearly been in a recessionary enterprise spending environment which is having a disproportionate impact on smaller customers. We believe our sales bottomed in Q2 and second half trends will improve. We continue to be very optimistic regarding our longer-term prospects as secular trends to digitize and automate workflows accelerate as a result of the pandemic.\"\n\n\n\n\n$ in millions, except per share amounts\n\n\n\n2Q20\n\n\n\n2Q19\n\n\n\nChange\n\n\n\n\n\nSelect reported measures:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet sales\n\n\n\n$\n\n\n\n956\n\n\n\n \n\n\n\n$\n\n\n\n1,097\n\n\n\n \n\n\n\n(12.9\n\n\n\n%)\n\n\n\n\n\nGross profit\n\n\n\n419\n\n\n\n \n\n\n\n520\n\n\n\n \n\n\n\n(19.4\n\n\n\n%)\n\n\n\n\n\nGross margin\n\n\n\n43.8\n\n\n\n%\n\n\n\n47.4\n\n\n\n%\n\n\n\n(360) bps\n\n\n\n\n\nNet income\n\n\n\n100\n\n\n\n \n\n\n\n124\n\n\n\n \n\n\n\n(19.4\n\n\n\n%)\n\n\n\n\n\nNet income margin\n\n\n\n10.5\n\n\n\n%\n\n\n\n11.3\n\n\n\n%\n\n\n\n(80) bps\n\n\n\n\n\nNet income per diluted share\n\n\n\n$\n\n\n\n1.85\n\n\n\n \n\n\n\n$\n\n\n\n2.26\n\n\n\n \n\...