lowered its fourth-quarter earnings and revenue expectations yet again, citing customer inventory problems.
The provider of storage products that move, manage and protect data and digital content, said on Friday that it now expects revenue to be down an additional 10% to 12% from its previous forecast. The company said
earlier this month that revenue should be about 15% below the third-quarter tally of $186.3 million.
In January, the company said its revenue would be off 5% to 10% from the third-quarter total.
The company also said it expects earnings of 2 cents to 4 cents a share for the fourth quarter. Three analysts polled by
Thomson Financial/First Call
are calling for Adaptec to earn 12 cents in the period. Earlier this month, the company said it expected to earn between 10 cents and 15 cents for the quarter, which was below the consensus estimate of 23 cents at the time.
"We are working with our distribution partners to help them reduce inventories and conserve cash as they grow increasingly concerned about the economic slowdown," the company said in a statement. "As the economy recovers, we will be very well-positioned to return to traditional inventory levels in the channel."
The company is scheduled to report earnings April 26. Shares of Adaptec, which is based in Milpitas, Calif., lost 19 cents, or 2%, to $9.44 in recent