MTS Reports Fiscal 2019 Second Quarter Financial Results

EDEN PRAIRIE, Minn., May 6, 2019 — (PRNewswire) —  MTS Systems Corporation (Nasdaq: MTSC), a leading global supplier of high-performance test systems, motion simulators and sensors, today reported financial results for its fiscal year 2019 second quarter ended March 30, 2019.

MTS Systems Corporation. (PRNewsFoto/MTS Systems Corporation)

SECOND QUARTER FINANCIAL AND OPERATING HIGHLIGHTS

  • Revenue of $233.0 million, reflecting the highest revenue-producing quarter in the history of MTS, including record revenue in both Test & Simulation and Sensors
  • GAAP diluted earnings per share of $0.73, an increase of $0.29 or 66% year-over-year
  • Net income margins of 6.1% for the quarter, a year-over-year increase of 167 basis points
  • Adjusted EBITDA margins of 16.1% for the quarter, a year-over-year increase of 172 basis points
  • Backlog of $493.5 million, a year-over-year increase of 40%
  • Declared 149th consecutive quarterly dividend

FINANCIAL TABLE

 

Three Months Ended

 

Six Months Ended

(in thousands, except per share data - unaudited)

March 30,
 2019

 

March 31,
 2018

 

March 30,
 2019

 

March 31,
 2018

Revenue

$

233,046

   

$

191,323

   

$

436,227

   

$

385,485

 

Revenue % increase (decrease)1

21.8

%

 

(1.1)

%

 

13.2

%

 

(1.8)

%

Gross margin

37.5

%

 

39.1

%

 

38.0

%

 

39.6

%

Operating margin

10.4

%

 

8.7

%

 

9.7

%

 

8.6

%

Earnings before taxes

$

17,076

   

$

10,176

   

$

28,273

   

$

19,646

 

Net income

14,160

   

8,438

   

24,661

   

41,589

 

Diluted earnings per share

0.73

   

0.44

   

1.27

   

2.16

 

Adjusted diluted earnings per share2

0.76

   

0.45

   

1.36

   

2.18

 

Adjusted EBITDA2

37,554

   

27,526

   

67,656

   

54,404

 

Cash and cash equivalents, end of period

74,122

   

84,378

         

Backlog, end of period

493,468

   

352,172

         

Total debt, end of period

464,420

   

409,733

         
   

1  

Revenue growth rates in fiscal year 2019 reflect the acquisition of E2M Technologies B.V. that occurred on November 21, 2018.

2   

Refer to the "Non-GAAP Financial Measures" section below for discussion of the calculation of these non-GAAP financial measures.


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