Miss Grounds Aeroflex

Shares drop 12% on weak guidance.
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Aeroflex

(ARXX)

plunged 12% Thursday after the electronics testing outfit missed fiscal fourth-quarter earnings targets and guided lower for the first quarter.

The Plainview, N.Y., company made $8 million, or a dime a share, from continuing operations for the quarter ended June 30. That's up from the year-ago $2.2 million, or 3 cents a share. On a pro forma basis, excluding certain costs, earnings were 16 cents a share in the latest quarter.

Sales rose to $150.5 million from $128 million a year ago.

Analysts were looking for a 17-cent profit on sales of $149 million.

For the first quarter ending next month, the company guided to a 12-cent pro forma profit on sales of $136 million. Analysts were looking for 14 cents on $140 million.

Shares fell $1.38 to $9.82.