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Rubicon (RBCN) Beats Estimates, Guides Above As LED Demand Remains Strong
Rubicon Technology (RBCN) is getting closer to returning to profitability, reporting a loss of .04/share on revenues of $8.5 million, both of which beat analyst estimates of a .05 loss on revenues of $7.3 million. Sequential revenue continues to improve quickly with 49% growth over last quarter. The company expects to return to profitability next quarter with estimates of an EPS of .03 gain on revenues of $10.5 million. Both estimates are above Wall St estimates of .01/share gain on revenues of $8.7 million.
CEO Raja Parvez attributed the strong quarter to strong LED demand, better factory utilization, increased pricing and a shift in product mix. He commented on the strong LED demand, saying, “Demand from the LED market continues to strengthen, particularly the demand for LED backlighting. With LED backlighting becoming more cost competitive and with the enhanced performance, thin profile and energy efficiency they provide, we expect LED backlighting to continue to rapidly gain market share over traditional backlighting solutions.”
Shares of RBCN are up nearly 10% in premarket trading.
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