Emcore reports Q3 EPS (49c), consensus (17c)

Reports Q3 revenue $20.44M, consensus $19.74M. “Revenue came in strong at $20.4 million for 3Q24, driven by record high shipments from our Concord site and a solid performance at our Tinley Park operation,” said Matt Vargas, interim Chief Executive Officer. “On the expense side, we continue to work through the previously announced restructuring actions, which have started to produce results in 3Q24, including an improved gross margin, lower non-GAAP operating expenses, and reduced cash use. Looking ahead, we expect continued improvement with 4Q24 revenue anticipated to be in the range of $20 million to $22 million combined with ongoing cost reductions and an additional quarter of strong bookings.”