MTS Systems Q1 Profit Down

(RTTNews) - MTS Systems Corp. (MTSC) reported that its first-quarter net income decreased to $5.31 million or $0.27 per share from last year's $10.50 million or $0.54 per share, hurt by higher Sensors operating expenses mainly from the acquisition of Endevco.

Revenue was $205.8 million, up 1.3% compared to the same prior year period, driven by continued strong revenue growth in Sensors. Sensors growth was supported by strong global demand in its test sector, and by the continued ramp-up of volume associated with U.S. Department of Defense contract.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share and revenues of $225.84 million for the first-quarter. Analysts' estimates typically exclude special items.

The company declared a quarterly dividend of $0.30 per share. The dividend was payable on December 30, 2019 to shareholders of record as of the close of business on December 16, 2019.

For fiscal year 2020, the company expects earnings per share to be in the range of $2.05 to $2.35, adjusted earnings per share of $2.20 to $2.55, and revenue of $955 million to $995 million. Wall Street currently is looking for fiscal year 2020 earnings of $2.36 per share on annual revenues of $976.89 million.