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SMTX

SMTC Corp.

$2.96

0.16 (5.71%)

16:39
09/19/19
09/19
16:39
09/19/19
16:39

SMTC Corp to exit China operations, cuts FY19 revenue view to $354M-$362M

Two estimates $392.79M. The prior guidance was $393M-$408M. The company states: "SMTC Corporation announced it plans to wind-down its Chinese manufacturing operations when its current Dongguan, China facility lease expires in December 2019." CEO Ed Smith says: "Customer concerns about uncertainties relating to the prolonged impact of tariffs and macro-economic factors have caused a number of our customers to begin to re-evaluate demand for some of their products and reconsider where they outsource their manufacturing. Revenues attributable to production from SMTC's manufacturing operations in China, which accounted for 5.3% of SMTC's revenue in the first half of 2019, are projected to decline more than 30% for full year 2019 as compared to full year 2018, with continued contraction in 2020 which would result in negative operating margins from our China site. As a result, after more than a decade in the Chinese market, we will use the end of our lease term later this year as an opportunity to exit manufacturing in China as we continue to augment our strong North American manufacturing footprint. In addition to the China closure, we are seeing softness in certain end-markets across semiconductor and data center expansions. Accordingly, we are updating FY19 revenue to range between $354M-$362 million, which excludes $16 million of revenues in 2019 attributable to SMTC's operations in China." The company also lowers its FY19 adjusted EBITDA to $25M-$26M from $27M-$29M.

  • 12

    Nov

SMTX SMTC Corp.
$2.96

0.16 (5.71%)

12/11/18
12/11/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Sell at DZ Bank. 2. Coherent (COHR) initiated with a Neutral at Goldman Sachs. 3. SMTC Corp. (SMTX) initiated with a Buy at B. Riley FBR. 4. Denny's (DENN) initiated with a Buy at Maxim. 5. Roche (RHHBY) assumed with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/14/19
CHLM
01/14/19
INITIATION
Target $9
CHLM
Buy
SMTC Corp. initiated with a Buy at Craig-Hallum
Craig-Hallum analyst Christian Schwab started SMTC Corp. with a Buy rating and $9 price target. The analyst believes the company can achieve multi-year double-digit topline growth and meaningful EPS improvement. Management has discussed driving the business to annual revenue levels of $500M over a multi-year period, which Schwab believes could generate EPS of 85c-plus.
01/14/19
01/14/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. SMTC Corp. (SMTX) initiated with a Buy at Craig-Hallum. 2. Carvana (CVNA) initiated with an Underweight at Morgan Stanley. 3. Linde plc (LIN) initiated with an Overweight at KeyBanc. 4. Domo (DOMO) initiated with a Buy at Needham. 5. Mercantil Bank (AMTB) initiated with an Outperform at Raymond James and Keefe Bruyette, and an Equal Weight at Stephens. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/18/19
RILY
03/18/19
NO CHANGE
Target $6
RILY
Buy
SMTC Corp. earnings selloff brings buying opportunity, says B. Riley FBR
B. Riley FBR analyst Mike Crawford views Friday's 18% post-earnings selloff in shares of SMTC Corp. as a buying opportunity. The analyst sees value in the shares at $4.50 and keeps a Buy rating on the name with a $6 price target.

TODAY'S FREE FLY STORIES

WSM

Williams-Sonoma

$70.48

-0.88 (-1.23%)

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W

Wayfair

$84.57

1.28 (1.54%)

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VFC

VF Corp.

$84.69

-1.7 (-1.97%)

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URBN

Urban Outfitters

$30.85

0.295 (0.97%)

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  • 19

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UAA

Under Armour

$17.29

-0.295 (-1.68%)

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ULTA

Ulta Beauty

$244.06

2.19 (0.91%)

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  • 05

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TJX

TJX

$58.40

-0.14 (-0.24%)

21:15
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Initiation
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  • 19

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TPR

Tapestry

$26.38

-0.295 (-1.11%)

21:12
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Initiation
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  • 20

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AFL

Aflac

$53.97

-0.04 (-0.07%)

21:02
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ROST

Ross Stores

$110.97

-1.16 (-1.03%)

21:00
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Initiation
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  • 21

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RL

Ralph Lauren

$111.44

-2.58 (-2.26%)

20:57
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Initiation
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RH

RH

$174.48

-0.18 (-0.10%)

20:56
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PVH

PVH Corp.

$96.91

0.14 (0.14%)

20:53
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Initiation
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  • 26

    Nov

JWN

Nordstrom

$36.90

-0.52 (-1.39%)

20:51
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Initiation
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  • 20

    Nov

NKE

Nike

$89.51

-0.52 (-0.58%)

20:46
11/12/19
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Initiation
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EYE

National Vision

$27.03

0.24 (0.90%)

20:43
11/12/19
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Initiation
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LB

L Brands

$17.53

0.02 (0.11%)

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  • 21

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BABA

Alibaba

$186.97

0.26 (0.14%)

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Alibaba gets approval to sell shares in Hong Kong, SCMP reports »

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  • 19

    Nov

ENR

Energizer

$42.01

-1.1 (-2.55%)

, SPB

Spectrum Brands

$51.19

-0.76 (-1.46%)

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Earnings
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ENR

Energizer

$42.01

-1.1 (-2.55%)

SPB

Spectrum Brands

$51.19

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SSYS

Stratasys

$20.74

0.04 (0.19%)

FVRR

Fiverr

$21.56

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MTOR

Meritor

$23.44

-0.25 (-1.06%)

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  • 13

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DDOG

Datadog

$34.40

0.89 (2.66%)

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  • 12

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NKE

Nike

$89.51

-0.52 (-0.58%)

, AMZN

Amazon.com

$1,778.33

6.63 (0.37%)

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Periodicals
Nike says to end retail pilot project w/ Amazon.com but continue AWS partnership 

Report from Bloomberg.

NKE

Nike

$89.51

-0.52 (-0.58%)

AMZN

Amazon.com

$1,778.33

6.63 (0.37%)

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  • 13

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    Nov

HPE

HP Enterprise

$17.34

-0.11 (-0.63%)

, FJTSY

Fujitsu

$0.00

(0.00%)

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HPE

HP Enterprise

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FJTSY

Fujitsu

$0.00

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  • 25

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IMAX

Imax

$21.26

-0.62 (-2.83%)

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  • 14

    Nov

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$308.96

0.57 (0.18%)

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Periodicals
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S&P 500

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SPDR S&P 500 ETF Trust

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CHK

Chesapeake

$0.67

-0.138 (-17.08%)

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Chesapeake CEO says 'strongly' believes in current capital program »

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