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Just How Did Polycom Inc Grow Earnings by 28%?

April 24, 2015 | Telepresence Options

Polycom_logo

Story and images by Lee Samaha / The Motley Fool

Video-conferencing company Polycom Inc's (NASDAQ: PLCM ) first-quarter earnings were almost the stuff of a trivia question on a game show. Just how does a company report a 28% increase in non-GAAP EPS while its sales only rose 1%? The answer is obviously margin expansion.

Just how did Polycom do it? Moreover, what are the underlying themes in its trading performance? Let's take a closer look.

Polycom reports first-quarter earnings
Firstly, a look at how Polycom's headlined numbers matched up to the company's guidance.

Polycom_revenue

In a nutshell, it's a similar story to the previous two earnings reports. In other words, Polycom is finding it difficult to generate meaningful revenue growth, but is managing to cut costs extensively. Indeed, as you can see in the table above, operating expenses came in lower than guidance, helping operating margin to come in significantly ahead of management's previous expectations.

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