#Zebra technologies market share free#

Both of these Exit and Restructuring plans are expected to be substantially complete in 2023, and the total charges are expected to be approximately $105 million, increased from $25 million as reported in the first quarter of 2023. The Company expanded the scope of the 2022 Productivity Plan and initiated a Voluntary Retirement Plan to generate incremental cost efficiencies. The Company made share repurchases under its existing authorization of $52 million, and had net debt borrowings of $185 million.

Non-GAAP net income for the second quarter of 2023 decreased to $170 million, or $3.29 per diluted share, compared to $243 million, or $4.61 per diluted share, for the prior year.Īdjusted EBITDA for the second quarter of 2023 decreased to $257 million, or 21.2% of adjusted net sales, compared to $321 million, or 21.9% of adjusted net sales for the prior year primarily due to lower gross profit.Īs of July 1, 2023, the Company had cash and cash equivalents of $68 million and total debt of $2,216 million.įor the first six months of 2023, net cash used in operating activities was $110 million and the Company made capital expenditures of $34 million, resulting in negative free cash flow of $144 million. Net income for the second quarter of 2023 was $144 million, or $2.78 income per diluted share, compared to a net loss of $98 million, or $1.87 loss per diluted share, for the prior year. Adjusted operating expenses decreased in the second quarter of 2023 to $344 million from $370 million in the prior year.

Excluding the previously disclosed settlement charges in second quarter of 2022, operating expenses declined primarily due to lower employee incentive compensation associated with financial performance, partially offset by higher exit and restructuring costs. Operating expenses decreased in the second quarter of 2023 to $387 million from $819 million in the prior year. Adjusted gross margin was 48.0% in the second quarter of 2023 compared to 46.0% in the prior year. The increase was primarily due to lower premium supply chain costs and favorable business mix, partially offset by cost deleveraging and unfavorable foreign currency changes. Gross margin increased to 47.9% for the second quarter of 2023 compared to 45.9% in the prior year. Second quarter 2023 gross profit was $581 million compared to $674 million in the prior year. Consolidated organic net sales for the second quarter decreased 16.0% year-over-year, with a 23.6% decrease in the EVM segment and 0.2% increase in the AIT segment. Asset Intelligence & Tracking ('AIT') segment net sales were $459 million in the second quarter of 2023 compared to $467 million in the prior year. Net sales in the Enterprise Visibility & Mobility ('EVM') segment were $755 million in the second quarter of 2023 compared with $1,001 million in the prior year. Net sales were $1,214 million in the second quarter of 2023 compared to $1,468 million in the prior year. With the incremental cost and restructuring actions announced today, we expect to improve profitability as our end markets recover.” We are taking action to drive sales and enhance profitability, which we believe will position us for success in the current environment and in the future. “While we are revising our outlook downward, we remain confident in our ability to benefit from the long-term secular megatrends to digitize and automate workflows. Profit margin was higher than expected, enabling us to achieve our EPS outlook for the quarter,” said Bill Burns, Chief Executive Officer of Zebra Technologies.

“Our second quarter results were impacted by softening demand and more cautious customer spending, particularly in our retail and logistics end markets, and by distributor destocking. LINCOLNSHIRE, Ill.-(BUSINESS WIRE)- Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced results for the second quarter ended July 1, 2023. Non-GAAP diluted EPS decreased year-over-year to $3.29Īdjusted EBITDA decreased year-over-year to $257 millionĪnnounces incremental $65 million of annualized expense reductions when combined with prior cost reduction plan, expected to result in total annual net expense savings of $85 million Net income of $144 million and net income per diluted share of $2.78 Net sales of $1,214 million year-over-year decrease of 17.3%

#Zebra technologies market share free#