lowered its first-quarter earnings and revenue projections Monday, citing its customers' excess inventory.
For its first quarter ending March 31, General Semiconductor forecasts it will earn 12 cents to 14 cents a share, excluding one-time charges, down from its
Feb. 8 estimate of 18 cents to 20 cents a share. Three analysts surveyed by
First Call/Thomson Financial
expected General Semiconductor to earn 19 cents a share, down from 23 cents in the year-ago period.
General Semiconductor said it anticipates first-quarter revenue will fall 14% to 16% below the $119.9 million reported in the previous quarter. On Feb. 8, the company said it expected revenue to drop 6% to 9%.
Shares of General Semiconductor were down 9 cents, or 0.9%, to $9.56 in recent trading on the
New York Stock Exchange