American Science & Engineering Earnings Surge
After gaining 0.4% in regular trading hours, American Science & Engineering reported fiscal Q1 2014 earnings results that are likely to pressure the company in after-hours trading.
Earnings at the maker of Backscatter X-Ray machines surged 32% year over year, to $0.62 per share on $43.1 million in revenues. The company thus "beat" estimates for earnings, which analysts had expected to come in closer to $0.60, but "missed" on revenues, which were expected to approximate $43.6 million. Q1 revenues represented a 9% decline from fiscal Q1 2013 levels.
New orders taken in during the quarter -- "bookings" -- were only $29.9 million, a 28% decline from business one year-ago, and only 69% of what the company billed in this just-past Q1. Backlog, accordingly, declined 7%. At $173 million, AS&E still has enough work on order to keep it busy for the next 11 months at current revenue rates.
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