Martek Slammed on Guidance
Martek Biosciences
(MATK)
shares were roughed up early Thursday after the biotech offered disappointing guidance.
The Maryland-based company said it expects earnings of 10 cents to 11 cents a share on revenue of $54 million to $55 million in the second quarter. Martek cited a production shortage at one of its suppliers.
In the premarket, shares traded at $57.09, down $8.09, or 12.4%. The stock had gained about 27% so far this year.
Analysts are expecting EPS of 27 cents on revenue of $72.6 million, according to Thomson First Call.
The company late Wednesday also reported that first-quarter earnings more than doubled to $7.1 million, or 23 cents a share, from $3.4 million, or 11 cents a share, a year ago. Revenue surged to $66.5 million.
The consensus estimates are 23 cents and $64.8 million.