Plantronics Shares Soar After Fiscal 4Q
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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."- Loading Comments...
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