MTS Reports Fiscal 2019 Third Quarter Financial Results

EDEN PRAIRIE, Minn., Aug. 5, 2019 — (PRNewswire) —  MTS Systems Corporation (Nasdaq: MTSC), a leading global supplier of high-performance test systems, motion simulators and sensors, today reported financial results for its fiscal year 2019 third quarter ended June 29, 2019.

MTS Systems Corporation. (PRNewsFoto/MTS Systems Corporation)

THIRD QUARTER FINANCIAL AND OPERATING HIGHLIGHTS

  • Revenue of $232.2 million, an increase of 19%
  • GAAP diluted earnings per share of $0.70, an increase of $0.23 or 49%
  • Net income margin of 5.9%, an increase of 124 basis points
  • Adjusted EBITDA margin of 15.2%, an increase of 96 basis points
  • Backlog of $443.3 million, an increase of 17%
  • Declared 150th consecutive quarterly dividend

FINANCIAL TABLE



Three Months Ended


Nine Months Ended

(in thousands, except per share data - unaudited)

June 29,

 2019


June 30,

 2018


June 29,

 2019


June 30,

 2018

Revenue

$

232,209



$

194,668



$

668,436



$

580,153


Revenue % increase (decrease)1

19.3

%


0.5

%


15.2

%


(1.1)

%

Gross margin

36.6

%


39.2

%


37.5

%


39.5

%

Operating margin

9.9

%


8.4

%


9.7

%


8.5

%

Earnings before taxes

$

16,190



$

10,045



$

44,463



$

29,691


Net income

13,585



8,979



38,246



50,568


Diluted earnings per share

0.70



0.47



1.97



2.62


Adjusted diluted earnings per share 2

0.71



0.49



2.07



2.68


Adjusted EBITDA 2

35,357



27,782



103,013



82,186


Cash and cash equivalents, end of period

75,735



66,403






Backlog, end of period

443,271



377,745






Total debt, end of period

462,516



391,332








1

Revenue growth rates in fiscal year 2019 reflect the acquisition of E2M Technologies B.V. (E2M) that occurred on November 21, 2018.



Refer to the "Non-GAAP Financial Measures" section below for discussion of the calculation of these non-GAAP financial measures.


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