Bar code manufacturer Zebra Technologies, Inc. (ZBRA, Financial) was another strong performer in the period. Although global supply chain disruptions and weaker demand in China resulted in ZBRA modestly missing its sales and profitability outlook, the company entered the second quarter with healthy order backlog. While ZBRA is beginning to see a disruption in global demand, we continue to believe their diversified end-markets and strong financial position will enable the company to ride out weakness in the enterprise spending environment. Although ZBRA pulled full year 2020 guidance, management articulated the expected impact of COVID-19 on second quarter results, which was better than consensus expectations.
From John Rogers (Trades, Portfolio)' Ariel Fund second-quarter 2020 commentary.
