Thursday, February 07, 2019

IEC Electronics (IEC)

Bookings momentum accelerates into 2019.

IEC Electronics Corp.
provides electronic manufacturing services (EMS) to technology companies in the
United States. It involves in the custom manufacture of circuit cards, system
level assemblies, and an array of custom cable/wire harness assemblies. The
company also provides electronic manufacturing services primarily for wireless
communication systems, test diagnostic equipment, military and defense systems,
transportation products, and medical instrumentation.

Christian Herbosa, Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

• Significant
  Top Line Beat. Fiscal Q1 revenue was $35.4 million beating our estimate of $34 million. On a sequential basis revenue grew 3.6% over Q4, which is a meaningful increase considering Q1 revenue typically experiences a seasonal drop. As the seasonally lowest sales quarter, these results imply strong year-over-year growth in 2019 assuming revenue can build sequentially throughout the year.
• Organic
  Growth Momentum. IEC continued to attract new work driving backlog up over 15% during the quarter. Industry-wide component shortages have created an obstacle to converting thi…
  
  
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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.