Cray Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Second Quarter and Full Year of 2018
Cray Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, total revenue was $79,594,000 against $59,031,000 a year ago. Loss from operations was $24,860,000 against $32,281,000 a year ago. Loss before income taxes was $24,529,000 against $30,361,000 a year ago. Net loss was $25,008,000 against $19,215,000 a year ago. Basic net loss per basic and diluted common share was $0.62 against $0.48 a year ago. Non-GAAP net loss was $21.4 million against $28.4 million a year ago. Non-GAAP diluted net loss per common share was $0.53 against $0.71 a year ago. Non-GAAP operating loss was $21.2 million against $29.4 million a year ago.
For 2018, while a wide range of results remains possible, Cray continues to expect revenue to grow in the range of 10%-15% over 2017. GAAP gross profit is expected to be about $2 million lower than non-GAAP gross profit. Based on this outlook, Cray's effective GAAP and non-GAAP tax rates for 2018 are both expected to be in the low-single digit range, on a percentage basis.
Revenue is expected to be about $110 million for the second quarter of 2018.