Benzinga | May 14, 2021 08:14AM EDT

Plantronics Shares Tumble As Q1 Guidance Falls Short Of Expectations

* Plantronics Inc (NYSE: PLT) reported fourth-quarter FY21 revenue growth of 18.2% year-on-year to $476 million. Non-GAAP revenue rose 16.9% Y/Y to $478 million beating the analyst consensus of $458.71 million.

* Revenue growth was primarily driven by video, which more than doubled to a record high, and Professional Headsets grew 20% Y/Y, reflecting the continued shift towards reliable, high-fidelity solutions for hybrid work and video collaboration.

* Net product revenue rose 21.5% Y/Y to $411 million, while Net services revenue rose 0.7% Y/Y to $65.3 million.

* Non-GAAP gross margin contracted 100 basis points to 48.4%.

* Adjusted operating income rose 58.3% Y/Y to $76 million, with the margin expanding 416 basis points to 15.9%.

* Adjusted EBITDA increased 43.3% Y/Y to $86 million, with the margin expanding 332 basis points to 18%.

* Non-GAAP EPS of $1.23 beat the consensus of $0.99.

* Plantronics held $711 million in cash and equivalents and generated $74 million in operating cash flow.

* Guidance: Plantronics sees Q1 FY22 revenue guidance of $410 million - $430 million, below the analyst consensus of $436.98 million.

* Adjusted EBITDA outlook of $50 million - $60 million; Non-GAAP EPS outlook of $0.35 - $0.55 fell short of the consensus of $0.69.

* Price action: PLT shares traded lower by 21.4% at $29.08 in the premarket session on the last check Friday.