Lighting companies have released updates about their financial results and reported their outlook for the second half of 2018.
Orion Energy System (Orion Lighting), a U.S. based LED lighting and energy project solution provider, reported the result for the first quarter in fiscal year 2019*. The company’s Q1’19 revenue grew 10.1% YoY to US$ 13.8 million and its gross margin improved 340 basis points to 25.0%. Its EBITDA loss has decreased from US$ 6 million in Q1’18 to US$ 2.1 million.
(Image: Orion Lighting)
The company reported that the result was better than its anticipated performance and it expects continuous demands for its energy efficient lighting system.
The CEO and Board Chair of Orion Lighting, Mike Altschaefl, commented, "Fiscal 2019 is off to a solid start, and we continue to believe this year will represent an inflection point for Orion’s growth and profitability. We achieved sales growth in line with our full year growth rate goal of 10%, while benefitting from the US$6M in annualized cost reductions we implemented last year. Our agent driven distribution strategy delivered a very strong performance in Q1’19 and helped to offset some delays in national account projects, which we anticipate strengthening in the upcoming quarters.”
Another American lighting company, Revolution Lighting Technologies, announced its second quarter revenue of US$ 36 million, down by 16% YoY. The company saw its returns decrease in the past quarter, due to the delay of projects.
According to Robert LaPenta, the chairman, CEO and president of Revolution Lighting, the company remains optimistic about the second half of 2018 with a record backlog worth more than US$ 50 million and the delayed projects from the previous quarter being carried out.
Revolution Lighting has completed the shipment of its LED lighting tubes to the U.S. Navy and expects additional orders from the Navy in the second half of the year.
LaPenta said,“A lot of the international navies follow what the U.S. Navy does, so we think there is going to be an international opportunity. In addition to that, we’re retrofitting bases and facilities on shore, so the government business for us is an exciting business.”
(Image: Revolution Lighting)
Contracts from public-sectors in the U.S. are the major growth drivers for the company. Revolution Lighting has also unveiled the expansion plan of its California plant to support the growth of LED projects that meet the Buy American and Trade Agreement acts.
*Note: Fiscal 2019 for Orion Energy System (Orion Lighting) starts from April 1 2018 and ends on March 31 2019.
YiningChen
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