Cray Cuts 2014 Revenue Outlook, But Guides 2015 Revenue Above View - Quick Facts

(RTTNews) - Global supercomputer leader Cray, Inc. (CRAY), announcing selected preliminary 2014 financial results, said total revenue for the year is expected to be about $560 million, down from the prior forecast of $600 million.

On average, 4 analysts polled by Thomson Reuters expect the company to report revenues of $601.27 million for fiscal 2014. Analysts' estimates typically exclude special items.

Based on these results, the company also noted that it expects to be solidly profitable on both reported and adjusted basis for 2014.

The company said is evaluating the potential release of all or a portion of the reserve held against its remaining U.S. Federal deferred tax assets, which if made would likely result in a significant tax benefit for 2014 for GAAP accounting purposes.

Looking ahead to fiscal 2015, the company currently anticipates revenue for the year to be in the range of $715 million. Street is currently looking for full-year 2015 revenues of $669.00 million.

Revenue is expected to ramp quarterly during 2015, with about $80 million in the first quarter and roughly 40 to 45 percent of the total year in the fourth quarter.