SEATTLE, Jan. 16, 2018 — Global supercomputer leader Cray Inc. (Nasdaq:CRAY) today announced selected preliminary 2017 financial results. The 2017 anticipated results presented in this release are based on preliminary financial data and are subject to change until the year-end financial reporting process is complete.
Based on preliminary results, total revenue for 2017 is expected to be about $390 million.
While a wide range of results remains possible for 2018 and based on the Company’s preliminary 2017 results, Cray expects revenue to grow by 10-15% for 2018. Revenue is expected to be about $50 million for the first quarter of 2018.
“With a strong effort across the company and in partnership with our customers, we completed all our large acceptances during the fourth quarter,” said Peter Ungaro, president and CEO of Cray. “A couple of smaller acceptances that we did not finish are now expected to be completed early in 2018. While 2017 was challenging, we’re beginning to see early signs of a rebound in our core market and I’m proud of the progress we made during the year to position the company for long-term growth.”
Based on currently available information, Cray estimates that the impact of the Tax Cuts and Jobs Act (Tax Legislation) passed in December 2017 will result in a reduction to the Company’s GAAP earnings for the fourth quarter and year ended December 31, 2017 in the range of $30-35 million. The large majority of this charge is due to the remeasurement of the Company’s U.S. deferred tax assets at lower enacted corporate tax rates. The charge may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the Company has made, and guidance that may be issued. This charge has no impact on the Company’s previously provided non-GAAP guidance. Going forward, the Company does not expect an increase in its non-GAAP tax rates as a result of the Tax Legislation.
About Cray Inc.
Global supercomputing leader Cray Inc. (Nasdaq:CRAY) provides innovative systems and solutions enabling scientists and engineers in industry, academia and government to meet existing and future simulation and analytics challenges. Leveraging more than 40 years of experience in developing and servicing the world’s most advanced supercomputers, Cray offers a comprehensive portfolio of supercomputers and big data storage and analytics solutions delivering unrivaled performance, efficiency and scalability. Cray’s Adaptive Supercomputing vision is focused on delivering innovative next-generation products that integrate diverse processing technologies into a unified architecture, allowing customers to meet the market’s continued demand for realized performance. Go to www.cray.com for more information.
Source: Cray Inc.