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MTSC

MTS Systems

$54.50

-0.4 (-0.73%)

09:08
11/29/16
11/29
09:08
11/29/16
09:08

MTS Systems raises FY16 GAAP EPS view to $1.65-$1.70 from $1.35-$1.50

GAAP EPS consensus $1.40. "We are pleased that we finished our fiscal year on a strong note. Our full year GAAP revenue and earnings per share were higher than we anticipated as a result of continued improvements in business performance. Preliminary full-year revenue is expected to be in the range of $645M-$650M, up from previously issued guidance of $630M-$640M, and preliminary GAAP EPS is expected to be in the range of $1.65 to $1.70, up from the previously issued guidance of $1.35 to $1.50. While this delay in reporting our annual results is disappointing, we are very pleased with our performance in the quarter, as reflected in our preliminary financial results...Regarding the PCB acquisition, the integration is progressing well, as anticipated...Acquisition-related and restructuring costs for fiscal 2016 were approximately $23M, significantly higher than previous guidance, driven by the timing of the recognition of an approximately $16M fair value adjustment to acquired inventory, which is now being recognized evenly over the fourth quarter of fiscal 2016 and the first quarter of fiscal 2017. This negatively impacts each quarter by approximately $8M...Regarding the internal investigation that has delayed the filing of our Annual Report and earnings release, we are deeply disappointed to report that we recently discovered that certain individuals in our leadership in China appear to have violated MTS's code of conduct, including association with an independent business that may compete with MTS in certain markets. Given the level of the MTS personnel in China who appear to have violated our code of conduct, the filing of our Annual Report on Form 10-K and our earnings release will be delayed until the internal investigation has been completed and its findings evaluated," said Dr. Jeffrey Graves, President and CEO of MTS.

  • 01

    Dec

MTSC MTS Systems
$54.50

-0.4 (-0.73%)

06/17/16
06/17/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Viacom (VIAB) upgraded to Sector Perform from Underperform at RBC Capital with analyst Steven Cahall saying coming management changes removes an overhang but earnings risk and strategic unknowns constrain a potential bull-case turnaround. 2. Starz (STRZA) upgraded to Outperform from Neutral at Macquarie with analyst Amy Yong arguing that she expects shares to uncouple given strengthening fundamentals as Originals show further signs of success, a bottoming multiple, and M&A optionality. 3. Philip Morris (PM) upgraded to Overweight from Neutral at JPMorgan with analyst Alberto Lopez Rueda saying progress of Novel Nicotine Products will improve industry fundamentals. 4. KLX Inc. (KLXI) upgraded to Overweight from Sector Weight at KeyBanc with the firm citing valuation and its greater confidence in the company's earnings growth. 5. MTS Systems (MTSC) upgraded to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/23/16
JPMS
06/23/16
INITIATION
Target $54
JPMS
Overweight
MTS Systems initiated with an Overweight at JPMorgan
JPMorgan analyst Paul Coster started MTS Systems with an Overweight rating and $54 price target, saying he believes improved conversion of Test segment project backlog should boost its margins in the second half of the year and that the successful integration of its PCB acquisition will likely to lead to improved long-term growth.
08/17/16
WELS
08/17/16
INITIATION
WELS
Market Perform
MTS Systems initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Richard Kwas started MTS Systems with a Market Perform rating and $45-$50 price target range.
10/13/16
SIDC
10/13/16
UPGRADE
SIDC
Buy
MTS Systems upgraded to Buy from Neutral at Sidoti

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