Shares of electronic goods manufacturer
were down 12% after the company said it expects third-quarter results to be lower than expected and miss analyst predictions. The company said its lowered expectations were due in part to the weakness of the economy.
Recently, the shares were at $5.80, down 82 cents, on the
New York Stock Exchange
The company now expects to earn between 15 cents and 19 cents a share. Excluding a $4.8 million cost due to an office consolidation and other functions, the company expects an EPS between 28 cents and 32 cents. Analyst consensus is that the company will earn 38 cents a share.
Applica expects revenue to be between $195 million and $200 million for the quarter and between $730 to $750 for the year.