Perkin-Elmer Sees Revenue Shortfall

Perkin-Elmer

(PKI) - Get Report

warned that it will see a 10% first-quarter revenue shortfall due to weakness in the company's optoelectronics business.

The technology services provider said it expects to post first-quarter revenue in the range of $300 million to $305 million, 10% lower than the company's original guidance. Wall Street analysts had been expecting revenue of about $331 million, according to Thomson Financial/First Call.

The company attributed the worse-than-expected results to weakness in optoelectronics end markets, the delay in capital spending by customers, and merger costs related to Packard BioSciences. In a press release, Perkin-Elmer offered no further guidance but said "the business environment has become very difficult" due to cautious customer spending.

Shares of Perkin-Elmer were recently plunging, trading down 20% to $13.30 on the news after closing at $16.70 Wednesday.