CRNT report was fine; I expected some dilution and added expenses from their last acquisition. They actually did a little better then I expected with GMs coming in stronger. Its the non-GAAP vs GAAP problem; on a non-GAAP basis their adjusted pretax margins increased y/y. Anybody simply using GAAP would probably be a seller.
I still think they can earn roughly 0.28 on a non-GAAP eps basis, and that assumes a proforma tax rate of 20%. I'm holding, thinking the sp will hit the 3.30s later this year.
The report you and I should be talking about is USAP....love that sector and its last report! CRS has hit my FV and I sold it. Too soon! USAP is much cheaper right now vs CRS, and that USAP CC was super bullish.
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