This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Luminex Reports 1Q Loss On Settlement Charge

NEW YORK (AP) ¿ Shares of Luminex Corp., which makes testing systems for biotechnology companies, fell Friday, a day after it reported lower-than-expected first-quarter results.

The stock fell $1.84, or 11 percent, to $15.25 in midday trading. Shares have traded between $12.57 and $27 over the last 52 weeks.

Late Thursday, the company said it lost $2.8 million, or 7 cents per share, compared with a loss of $1.2 million, or 3 cents per share, during the same period a year earlier. Revenue rose to $25.6 million from $23 million.

Excluding the costs for a legal settlement, the company earned 4 cents per share. Analysts polled by Thomson Reuters expected profit of 5 cents per share on revenue of $29.7 million.

The company lowered its full-year revenue outlook to between $125 million and $135 million, from prior guidance of $130 million to $140 million. Analysts expect revenue of about $132.8 million.

Wedbush analyst Un Kwon-Casado reaffirmed a "Buy" rating for the company, but cut the price target to $26 from $28, saying the revenue shortfall was partly due to lighter consumable and system sales.

"While we are disappointed with the revenue shortfall in the current quarter, driven by seasonality and lumpiness, we remain impressed with the company's ability to control expenses and maintain profitability," Kwon-Casado said in a note to investors.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
LMNX $16.10 -1.11%
AAPL $130.28 0.47%
FB $81.53 -1.07%
GOOG $565.06 3.30%
TSLA $218.42 -0.08%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs