Orion Energy Systems reported results for the second quarter of its fiscal 2019 ended September 30, 2018.
The company posted a revenue of US$ 13.2 million for 2Q19, down14.3% YoY and 4% QoQ due to lower sales through the distribution channel and delays of certain projects. Gross margin declined to 19.3% in 2Q19, compared to 23.5% in 2Q18.
According to Orion, the business in the U.S. is progressing significantly with its automotive, retail and public sector customers. With its capability to provide tailored LED lighting solutions, the growth momentum of Orion comes from the market in the U.S.
(Image: Orion)
Mike Altschaefl, Orion CEO, said, “This suite of services is proving attractive to certain national account prospects that are looking to upgrade their locations across the U.S. These large customers appreciate our nimbleness and senior management attention in promptly addressing their needs with just one phone call, as well as our ability to develop specialized designs within a rapid time frame, and our ability to manufacture and ship product generally within 10 days.”
Due to the variability in size and timing of contracts, along with difficulty in forecasting impacts from global economic events, international trade, and industry forces, Orion does not provide quarterly guidance. Meanwhile, Orion has revised its fiscal 2019 revenue growth target from the initial goal of 10% to 5-10%. However, management will continue to evaluate the performance of the business and its outlook and update its goals for the full fiscal year.
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