THQ Slashes Guidance
AGOURA HILLS, Calif. (TheStreet) -- Video game maker THQ (THQI) lowered its first-quarter and full-year guidance to reflect lower-than-anticipated sales of its "UFC Undisputed 2010" game and the strengthening U.S. dollar.
THQ now expects to report full-year non-GAAP net sales in the range of $845 million to $865 million and roughly breakeven non-GAAP per-share earnings. Previously, the company expected full-year non-GAAP net sales in the range of $905 million to $920 million and non-GAAP earnings per share in the range of 25 cents to 30 cents.
Analysts, on average, were expecting the company to report full-year profit of 31 cents a share, excluding items, on revenue of $913.4 million.For the first quarter, the company expects non-GAAP net sales to be between $155 million to $165 million, which is below the company's previous outlook of non-GAAP net sales of $190 million to $200 million. The company also expects a first-quarter non-GAAP loss per share in the range of 20 cents to 30 cents, compared with its previous outlook of breakeven. Analysts were expecting earnings of a penny a share, excluding items, on revenue of $203.2 million. Still, the company sounded upbeat about its prospects, citing "a strong pipeline" scheduled for release over the next three years.
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