Today's Tech Winners and Losers
Shares of Tektronix (TEK) were among technology's winners Friday, climbing 12% after the company reported better-than-expected third-quarter earnings and offered an in-line guidance.
Tektronix, a maker of testing and measurement equipment for computer and chip companies, earned $26.5 million, or 32 cents a share, for the quarter ended Feb. 25. Excluding items, the company earned $31.1 million, or 37 cents a share. Analysts polled by Thomson First Call expected earnings of 33 cents a share, before items. The company's revenue totaled $262.1 million, slightly below Wall Street's estimate of $262.9 million. During the year-earlier period, the company earned $26.8 million, or 30 cents a share, on revenue of $256.3 million. Excluding items, the company earned $28.1 million, or 31 cents a share, last year. "This was an outstanding quarter for us," the company said. "A modestly improving market, strength in new products and continued success in the communication sector led to strong orders, sales, earnings and cash flow."
For the fiscal fourth quarter, Tektronix expects earnings of 38 cents to 42 cents a share, before items, and revenue of $275 million to $285 million. Analysts project earnings of 40 cents a share, with revenue of $281.1 million. Tektronix shares were trading up $3.88 to $36.47.
California Micro Devices (CAMD) fell 3% after the company announced a better-than-expected fourth-quarter profit forecast, an acquisition and the departure of its chief financial officer. The company sees earnings of 7 cents to 8 cents a share for the quarter ending March 31. Analysts, on average, project earnings of 5 cents a share. California Micro predicts revenue of $16.5 million to $17.5 million, bracketing analysts' mean estimate of $16.8 million. The company also said it plans to buy Arques Technology, a maker of analog semiconductor devices, for $8 million plus subsequent earnout payments.
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