expects bookings and revenue for the fiscal fourth quarter to fall below forecasts and said earnings would come in at 34 cents a share, down from the previous projection of 41 cents.
The company now expects revenue of $105 million for the quarter. Three analysts were calling for the company to earn 41 cents, up from 36 cents in the year-ago period.
Shares of Plantronics, which is based in Santa Cruz, Calif., lost 60 cents, or 1.4%, to $43.89 in regular session
New York Stock Exchange
"We have seen a slowdown in business in our call center and office markets, which we believe is tied to general economic conditions," the company said in a press release. "Early in the quarter, we had received forecasts for substantial demand from a leading U.S. mobile carrier, together with aggressive delivery schedules and some purchase orders and believed this would compensate for the slowdown in the call center and office market. However, we currently believe that the timing of the required deliveries for the mobile business will be delayed and we believe the overall volume will be less than originally forecast.''
The headset maker also said it expects to achieve double-digit revenue growth in 2002, despite uncertainty in demand and cyclical factors. "Absent a strong rebound in revenues, we estimate this could mean that EPS for FY02 would be approximately $1.60 per share versus our earlier target of $1.88. At $1.60 EPS, we would continue to be strongly profitable, earning approximately 24%-27% operating margins,'' the company said. Wall Street expects the company to earn $1.87 in fiscal 2002.