![]() Net loss for the third quarter of 2023 was $15 million, or $0.28 loss per diluted share, compared to net income of $170 million, or $3.26 income per diluted share, for the prior year. Adjusted operating expenses decreased in the third quarter of 2023 to $334 million from $356 million in the prior year. Operating expenses increased primarily due to higher exit and restructuring costs partially offset by lower employee incentive compensation associated with financial performance, cost reductions and lower amortization expense. ![]() Operating expenses increased in the third quarter of 2023 to $439 million from $426 million in the prior year. Adjusted gross margin was 44.8% in the third quarter of 2023 compared to 45.8% in the prior year. The decrease was primarily due to volume deleveraging partially offset by lower premium supply chain costs. Gross margin decreased to 44.7% for the third quarter of 2023 compared to 45.6% in the prior year. Third quarter 2023 gross profit was $427 million compared to $628 million in the prior year. Consolidated organic net sales for the third quarter decreased 29.6% year-over-year, with a 31.4% decrease in the EVM segment and 25.8% decrease in the AIT segment. Asset Intelligence & Tracking ("AIT") segment net sales were $324 million in the third quarter of 2023 compared to $442 million in the prior year. Net sales in the Enterprise Visibility & Mobility ("EVM") segment were $632 million in the third quarter of 2023 compared with $936 million in the prior year. Net sales were $956 million in the third quarter of 2023 compared to $1,378 million in the prior year. We will continue to take decisive actions to position us well for profitable growth as our end markets recover, and elevate our position with customers through our innovative portfolio of solutions."ĭownload PDF with consolidated balance sheet, cash flow and income statements While we believe demand trends are leveling, we are not seeing signs of a market recovery based on customer behavior, and remain cautious in our planning for the remainder of the year and first half of 2024. “As we enter the fourth quarter, with most of our cost restructuring actions now implemented, we expect to see a significant sequential improvement in profitability. “As expected, our third quarter results were impacted by broad-based end market softness and elongated sales cycles across our product categories, as well as distributor destocking,” said Bill Burns, Chief Executive Officer of Zebra Technologies. Lincolnshire, Ill., October 31, 2023 - Zebra 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 third quarter ended September 30, 2023. Previously announced cost reduction plans now expected to drive $100 million annualized net expense savings, an increase from $85 million.Adjusted EBITDA decreased year-over-year to $111 million. ![]() Non-GAAP diluted EPS decreased year-over-year to $0.87.Net loss of $15 million and net loss per diluted share of $(0.28). ![]() Net sales of $956 million year-over-year decrease of 30.6%.
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