Tollgrade Slides on Lowered Outlook
Tollgrade(TLGD Quote) was plunging after it lowered its second-quarter earnings outlook and posted a lower first-quarter profit.
The testing equipment maker earned 11 cents a share in the first quarter, slightly better than forecasts, but said it expects to earn 6 cents to 10 cents a share in the current quarter. Analysts on average were expecting the company to earn 15 cents a share in the second quarter.
The company expects revenues of $15 million to $18 million in the second quarter. Revenue was $17.5 million in the first quarter.
On Instinet, the shares were down 9% at $23.
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