MTS Systems Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 28, 2013; Provides Earnings Guidance for the Second Quarter and Reaffirms Earnings Guidance for the Full Year 2014
The outlook for the remainder of the first half of fiscal 2014 remains the same as stated last quarter. The company expects revenue in the second quarter to be $136 to $141 million. First half EPS before additional restructuring costs of $1 million to $2 million anticipated in second quarter is still expected to be flat to down 8% driven by the continuation of growth in productivity investments. This translates to a second quarter EPS before restructuring cost of $0.65 to $0.78 per share.
For the full fiscal year, orders growth is expected to be in the mid-single digits and the revenue range is expected to be $585 to $605 million. Earnings per share are expected to be $3.55 to $3.70, excluding the restructuring cost impact of $0.22 to $0.26. This represents earnings per share growth of 2% to 6%, after adjusting for the $0.15 per share, or 4 percentage-points, non-recurring R&D tax benefit the company recorded in fiscal 2013.