Cray Inc. Reports Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017; Provides Revenue Guidance for the First Quarter of 2018; Provides Earnings Guidance for the Year of 2018
For the year, the company reported total revenue of $392.5 million, which compares with $629.8 million in 2016. Net loss was $133.8 million, or $3.33 per diluted share, compared to net income of $10.6 million, or $0.26 per diluted share in 2016. Non-GAAP net loss, which adjusts for selected unusual and non-cash items, was $40.5 million, or $1.01 per diluted share for 2017, compared to non-GAAP net income of $19.9 million, or $0.49 per diluted share in 2016. GAAP Net Loss was significantly impacted by both the enactment of the Tax Cuts and Jobs Act of 2017 and by its decision to record a valuation allowance against all of its U.S. deferred tax assets.
Revenue is expected to be about $50 million for the first quarter of 2018.
For the year 2018, while a wide range of results remains possible, the company continues to expect revenue to grow in the range of 10-15% over 2017. For 2018, GAAP and non-GAAP gross margins are expected to be in the low- to mid-30% range. GAAP gross profit is expected to be about $2 million lower than non-GAAP gross profit. Based on this outlook, the company's effective GAAP and non-GAAP tax rates for 2018 are both expected to be in the low-single digit range, on a percentage basis.