Emcore reports Q3 EPS (13c), consensus (13c)

Reports Q3 revenue $26.7M, consensus $26.02M. “Inertial navigation made significant progress during the quarter, achieving 27% GAAP and 30% non-GAAP gross margins on strong shipment performance, a favorable mix, and improved operational execution in our Concord facility. Revenue grew in 3Q23 for the fifth consecutive quarter and 10% sequentially,” said Jeff Rittichier, president and CEO of Emcore. “In April, we announced a major restructuring involving the shutdown of the Broadband segment and discontinuance of our defense optoelectronics product lines. Shipment of customer last-time-buys for these products were in-line with expectation for the June quarter. As announced earlier today, we expect to consummate a transaction for the sale of these products, excluding chips, during the quarter ending September 30, 2023.” Rittichier concluded his remarks by saying, “We are continuing to work with interested parties towards a sale of our wafer fabrication facility.”