Shares of Nam Tai Electronics(NTE Quote) were among the NYSE's losers Friday, plunging 21% after the electronics-manufacturing services company slashed its third-quarter earnings and revenue projections.
The company expects adjusted earnings to be 18% to 23% below its previous forecast of 28 cents to 30 cents a share. Revenue, meanwhile, is expected to be 8% to 13% below its previous projection of $230 million to $240 million. Analysts polled by Thomson First Call anticipated earnings of 29 cents a share on revenue of $236.8 million.
"The change in guidance is a result of lower-than-expected sales and a change in the mix of products sold to date during the quarter," Nam Tai said. "We are also experiencing lower margins during the third quarter than prior periods due to ever increasing, intense market competition." The company now sees sales growth of 12% during 2007 and 2008, well below the 25% that it previously forecast. Shares were trading down $3.22 to $11.77. ...
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