Plantronics Shares Soar After Fiscal 4Q

NEW YORK (AP) — Plantronics Inc. shares spiked Wednesday after the headset maker blew past Wall Street expectations for its fiscal fourth-quarter earnings and sales.

The Santa Cruz, Calif.-based company reported Tuesday that it lost $11 million, or 23 cents per share, reversing a year-ago profit of $17.8 million, or 36 cents per share.

Excluding one time costs, however, Plantronics made a penny per share, well above the loss of 16 cents analysts predicted, according to a Thomson Reuters survey. Analysts typically exclude special items.

Sales slipped 30 percent to $146.8 million, compared with the average estimate of just $129.6 million.

Shares soared $3.15, or 23.2 percent, to $16.72 in morning trading. The stock has traded between $7.42 and $26.70 in the past 12 months.

"The company is seeing some signs of a bottom and inventory levels appear reasonable," said Robert W. Baird analyst Reik Read, who upgraded shares Wednesday to "Outperform," from "Neutral."

He added in a note to clients, "Cost-reduction initiatives are showing signs of success."