So you are quite right that there weren't two large deals but "several large systems". Which means probably more than two. Also they said that the acceptances are complex and with compressed timelines.
For 2014, while it is very early in our planning process and based on our current outlook for 2013, we anticipate revenue to be in the range of $600 million for the year. Revenue is expected to ramp quarterly during 2014, with a significant weighting to the fourth quarter of the year. (as per CEO of CRAY)
The 2 large deals you are referring to were pushed out of Q3 into Q4.
"We did not achieve the financial results we were anticipating for the third quarter as a couple of large acceptances shifted out of the quarter and we now expect to have both of them completed in the fourth quarter"
"Our revenue expectations for the year remain intact" A wide range of results remains possible for 2013. A significant portion of our expected fourth quarter revenue is dependent on several large systems which are currently anticipated to be accepted in late Q4"
They also said that "A wide range of results remains possible for 2013." They also said that hitting their outlook depends on closing too large and very complex deals in the end of the year. I am very doubtful this will happen given the present state of the budget.
4,500 shares just traded in one block up $.29 over closing price. Two large contracts shifted from Q3 to Q4 so numbers mean little for Q4. Guidance remains at $520 Million for the year.
Now what: Cray's sales pipeline is strong, and the company raised its full-year outlook as a result. Revenue in 2013 should be approximately $520 million, and Cray expects to be profitable on a GAAP and non-GAAP basis for the year. Investors were only expecting $500 million in sales this year, and are pleasantly surprised by the rosy outlook
DJ, is GTAT still a sell?? Thanks for downgrading it... It is booming!! You are welcome to bash GTAT anytime...
Q3 means little relative to Q4. Total yearly guidance has been increased From $500 million to $520 million (check headlines this page).