PRCP stock moved higher in morning trade on July 14, 2020, after the company reported a new order.
Perceptron, Inc. (NASDAQ:PRCP), a leading global provider of 3D automated in-line measurement solutions and coordinate measuring machines, today announced that a global, Tier-1 automotive supplier has selected Perceptron’s in-line measurement technology to measure the battery frame, compartment, and lid for an upcoming new electric vehicle launch.
John Kearney, Vice President and EMEA Managing Director at Perceptron, commented, “This order is significant for our business, as it represents the first major order with this particular Tier-1 supplier, a company with more than 100 facilities worldwide. During the fiscal fourth quarter, we have begun to experience a surge of interest from other key suppliers, as automotive OEMs seek to reduce costs and improve operating efficiency on their production lines.”
“In recent years, Perceptron has successfully installed battery applications on every major continent using our automated metrology and robot guidance solutions,” continued Kearney. “Our battery expertise, factory floor-proven AccuSite and Helix technology, common user interface, together with our local customer support, all contributed to this important new customer win.”
This project is currently in the design phase. Perceptron expects the in-line measurement units to be installed at the customer’s plant during August 2020.
On June 1, 2020, Perceptron reported Q3 EPS of (11c) versus the consensus estimate of (6c). The company reported Q3 revenue of $12.7M versus the consensus estimate of $15.82M.
“Our global operations were adversely impacted by the effects of COVID-19 during the third quarter,” stated Jay Freeland, Chairman and Interim CEO of Perceptron. “In response to shelter-in-place orders and lower customer activity resulting from the pandemic, we reduced activity at all sites and, in some cases, temporarily closed facilities. As of mid-May, we had resumed production activities at the company’s principal facilities located in the United States, Europe and China and plan to resume full operational capacity as required by customer demands and as permitted by law,” Freeland added. “In recent months, we took aggressive action to provide for the continued health and safety of our employees, reduce costs and enhance our liquidity position. In April, we secured funding under the United States SBA paycheck protection program and Germany’s short-time work program, both of which positioned us to retain members of our workforce during this period of disruption and provide for operational continuity. As production resumes, we will continue to work with our customers and suppliers to provide for the safe and efficient restart of operations,” Freeland continued.