Press release
Zebra Technologies Announces Second-Quarter 2023 Results
Second-Quarter Financial Highlights Net sales of $1,214 million; year-over-year decrease of 17.3% Net income of $144 million and net income per diluted share
About this update from Zebra Technologies Corporation
[{"type":"text","content":"\nSecond-Quarter Financial Highlights\n\n\n\nNet sales of $1,214 million; year-over-year decrease of 17.3%\n\n\n\nNet income of $144 million and net income per diluted share of $2.78\n\n\n\nNon-GAAP diluted EPS decreased year-over-year to $3.29\n\n\n\nAdjusted EBITDA decreased year-over-year to $257 million\n\n\n\nAnnounces incremental $65 million of annualized expense reductions; when combined with prior cost reduction plan, expected to result in total annual net expense savings of $85 million\n\n\n\n LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--\nZebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced results for the second quarter ended July 1, 2023.\n\n\n“Our second quarter results were impacted by softening demand and more cautious customer spending, particularly in our retail and logistics end markets, and by distributor destocking. Profit margin was higher than expected, enabling us to achieve our EPS outlook for the quarter,” said Bill Burns, Chief Executive Officer of Zebra Technologies. “While we are revising our outlook downward, we remain confident in our ability to benefit from the long-term secular megatrends to digitize and automate workflows. We are taking action to drive sales and enhance profitability, which we believe will position us for success in the current environment and in the future. With the incremental cost and restructuring actions announced today, we expect to improve profitability as our end markets recover.”\n\n\n\n\n$ in millions, except per share amounts\n\n\n\n\n\n\n \n\n\n\n\n\n\n2Q23\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2Q22\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\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\n\n\n\n \n\n\n\n\n\n\n\n\nNet sales\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,214\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,468\n\n\n\n\n\n\n \n\n\n\n\n\n\n(17.3\n\n\n\n\n\n\n%)\n\n\n\n\n\n\n\n\nGross profit\n\n\n\n\n\n\n \n\n\n\n\n\n\n581\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n674\n\n\n\n\n\n\n \n\n\n\n\n\n\n(13.8\n\n\n\n\n\n\n%)\n\n\n\n\n\n\n\n\nGross margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n47.9\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n45.9\n\n\n\n\n\n\n%\n\n\n\n\n\n\n200 bps\n\n\n\n\n\n\n\n\nNet income (loss)\n\n\n\n\n\n\n \n\n\n\n\n\n\n14...