PLT - Plantronics shares surge as FQ3 beats upside outlook show turnaround underway

Plantronics (PLT) shares gain 8.8% after hours as fiscal Q3 estimates top estimates with revenue up 26% Y/Y to $486M and EPS of $1.47, topping estimates by $0.53.Non-GAAP gross margin was 50.7% compared to 49.4% in last year's quarter.Operating income improved from $31M to $90M.Adjusted EBITDA increased from $43M to $100M."We continue to operate with a sense of urgency as it relates to improving our operations," says CFO Chuck Boynton. "We've taken concrete steps to control costs, make disciplined investments in new products, and balance supply chain exposures. And we're seeing that tactical execution reflected in this quarter's results. In particular, the strong profitability and cash flow we posted today allows us to accelerate de-levering, as debt reduction remains a top priority."For the current quarter, the company expects revenue of $440-470M (consensus: $414.56M) and EPS of $0.80-1.00 (consensus: $0.81).Press release.

For further details see:

Plantronics shares surge as FQ3 beats, upside outlook show turnaround underway