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Plantronics Announces First Quarter Fiscal Year 2014 Results

Plantronics, Inc. (NYSE: PLT) today announced first quarter fiscal year 2014 results. Highlights of the quarter include the following (comparisons are against the first quarter of fiscal year 2013):
  • Net revenues were $202.8 million, an increase of 12% compared with $181.4 million.
  • GAAP gross margin was 52.1% compared with 53.9%; non-GAAP gross margin was 52.6% compared with 54.3%.
  • GAAP operating income was $35.9 million compared with $32.1 million; non-GAAP operating income was $42.4 million compared with $36.9 million.
  • GAAP diluted earnings per share (“EPS”) was $0.62, an increase of $0.07, or 13%, compared with $0.55, and within our guidance of $0.56 to $0.62.
  • Non-GAAP diluted EPS was $0.70, an increase of $0.07, or 11% compared with $0.63, and within our guidance of $0.68 to $0.74.
Q1 GAAP Results
Q1 2014 Q1 2013 Change (%)
Net revenues $202.8 million $181.4 million 11.8%
Operating income $35.9 million $32.1 million 11.8%
Operating Margin 17.7% 17.7%
Diluted EPS $0.62 $0.55 12.7%
Q1 Non-GAAP Results
Q1 2014 Q1 2013 Change (%)
Operating income $42.4 million $36.9 million 14.9%
Operating Margin 20.9% 20.3%
Diluted EPS $0.70 $0.63 11.1%

A reconciliation between our GAAP and non-GAAP results is provided in the tables at the end of this press release.

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