Zebra Technologies Corporation (NASDAQ: ZBRA), a manufacturer of barcode printers and scanners, reported lower sales and net profit for the three months that ended December 2023.
- Zebra’s fourth-quarter net sales decreased sharply by 33% year-over-year to $1.0 billion
- Consolidated organic net sales dropped 33.1% in the fourth quarter
- Net income was $17 million or $0.31 per share, which represents year-over-year decreases of 91% and 91.3%, respectively
- On an adjusted basis, net income decreased 64% annually to $1.71 per share during the three months
- Fourth-quarter 2023 gross profit was $448 million, compared to $685 million in the prior-year period
- At $155 million, adjusted EBITDA was down 54.1% year-over-year in the fourth quarter
- The company expects its cost-reduction plans to drive $120 million annualized net expense savings, up from $100 million