reported earnings today that beat Wall Street's raised expectations by 4 cents, but the company cautioned that the results in the second quarter will likely be flat with the year-ago period.
Shares of Sawtek ended the
regular session up 63 cents at $38.50, but plunged to $27.44 in after-hours
For the first quarter ended Dec. 31, Sawtek earned $20.1 million, or 46 cents a diluted share, up from $10.2 million, or 23 cents a share, in the year-ago period. According to a consensus of 10 analysts surveyed by
First Call/Thomson Financial
, Sawtek was initially expected to earn 38 cents a share, but analysts raised their estimates to 42 cents.
The company, which makes electronic signal processing components that are mainly used in the wireless communications industry, also posted first-quarter revenue of $47.8 million, up from $31.8 million in the same quarter one year ago.
Sawtek projects that revenue will grow at a rate of 15% to 20% for fiscal 2001, and that net income will grow at a slightly slower rate. For the second quarter, the company projected that revenue will be "similar to the same period last year," when the top line came in at $37.6 million. Sawtek attributed the sequential decline to the slowdown in the economy and in the wireless industry. The company also expects second-quarter earnings to approximate the bottom line in the year-ago period, when the company earned 29 cents.
Analysts are looking for the company to earn 43 cents in the second quarter.