Intermec Provides Financial Update
Intermec, Inc. (NYSE:IN) today updated guidance for its first quarter 2012 revenue and adjusted earnings (loss) per share, which was previously issued on February 2, 2012.
Due in part to significantly weaker than expected demand in Europe, the Company estimates Q1 2012 consolidated revenue to be approximately $180 million, down from its previously forecasted revenue range of $200 to $210 million. In addition, the Company updated its adjusted diluted earnings (loss) per share guidance for the first quarter to approximately ($0.24) per diluted share, based on currently estimated first quarter GAAP loss of approximately ($0.28) per diluted share.
In conjunction with its usual financial analysis and reporting procedures for Q1, the Company is continuing to evaluate its deferred tax asset and goodwill balances. The loss per share reported for the quarter could be greater than the guidance provided above if either or both of these items require adjustment as a result. Any such adjustments would be non-cash.
Detailed information on Q1 results and the Company’s plans for improving growth and profitability will be provided on the scheduled earnings conference call.Earnings Conference Call Intermec will release its Q1 2012 financial results at 1:00 PM PDT on Tuesday May 1, 2012. A conference call with Intermec management will follow at 2:00 PM PDT. Details on how to access the conference call will be announced soon. Non-GAAP Financial Measures This press release includes an outlook for first quarter 2012 Non-GAAP or “adjusted” earnings (loss) per diluted share. Reconciliations of this Non-GAAP financial measure to the most directly comparable GAAP financial measure, i.e., our currently estimated GAAP earnings (loss) per diluted share, is detailed in the Reconciliation of GAAP to Non-GAAP Outlook for the Quarter Ending April 1, 2012, attached to this press release. Our Non-GAAP measures should be read in conjunction with the corresponding GAAP measures. The Non-GAAP measures should be considered in addition to and not as an alternative or substitute for the measures prepared in accordance with generally accepted accounting principles.
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