Electronic components maker OSI , Inc. (OSIS) posted better-than-expected profit for the first quarter, despite a 10% decline in revenue, and lifted full-year earnings expectation, above Street view. The company says it is positioned for substantial sales and earnings growth in fiscal 2010, as outstanding bookings led to a backlog of $234 million at quarter-end.
Net income for the quarter rose to $2.5 million, or $0.14 per share, from year-ago $0.1 million, or $0.01 per share, and double the consensus estimate of 7 cents per share. Excluding this 100% profit beat, the company has topped estimates in the past four quarters by an average 37.3%.
Revenues declined 9.7% to $133.8 million from $148.2 million last year and below the consensus estimate of $138.8 million.
As of September 30, 2009, the company's backlog was $234 million, a 15% increase from $203 million as of June 30, 2009. OSI Systems also said its Security division achieved a record backlog of $146 million by quarter-end, while its Healthcare division achieved a record operating profit.
On this positive note, the company raised its earnings outlook for fiscal 2010 to $1.14 to $1.23 per share from prior projections of $1.05 to $1.18 per share. Analysts are looking for $1.11 a share. Sales for the full year is expected to be between $620 million and $640 million, representing a 5% to 8% growth over fiscal 2009. Analysts are looking for sales of $610.08 million.
Separately, the company said it received about $29 million in orders from the U.S. Customs and Border Protection to provide advanced cargo and vehicle inspection solutions for trucks and shipping containers entering the U.S.
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