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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV