Shares of consumer fitness products company Nautilus Inc. (NLS - Get Report) fell 45% to $7.02 at the close of trading Friday after the company provided preliminary fourth-quarter results that were below its own revised guidance.
While the company did say that the final results for the quarter will not be official until an audit is completed, it said it expects revenue to range between $114 million and $116 million for the fourth quarter and between $395 million and $397 million for the full year.
Earnings for the period are expected to range between 4 cents and 5 cents a share, and between 49 cents and 50 cents per share for the year.
"The results for the fourth quarter of 2018 did not meet our expectations or the guidance we had provided during our October 2018 update. We expected significantly stronger sales in the fourth quarter of 2018," the company said in its announcement. "As we enter 2019, we remain confident that the market fundamentals for our business are solid and remain intact. However, there are a number of initiatives that we are implementing to further strengthen our business which include a combination of external market opportunities and internally-focused initiatives."
Additionally, the company announced that Chief Operating Officer Bill McMahon will scale back his responsibilities in the near term due to an undisclosed health issue. McMahon will take on a role as a special assistant to the CEO while he recovers.