Internet consulting firm
issued an after-the-bell earnings warning, saying it expects to miss Wall Street's expectations by 2 cents for the fourth quarter.
The Cambridge, Mass., company said it expects fourth-quarter income of 10 cents a share, excluding amortization of intangibles, acquisition costs and stock-based compensation charges, compared with 8 cents a share last year. Twenty-six analysts surveyed by
First Call/Thomson Financial
produced a consensus estimate of 12 cents a share.
Sapient expects fourth-quarter revenue of $139 million, compared with $81.8 million last year. Analysts on average called for revenue of $143.1 million. The company attributed the "slightly lower" estimates to "slower, more deliberate spending" by its large, global clients and reduced revenue from its dot-com clients. Dot-com revenue represented about 5% of total estimated fourth-quarter revenue, the company said.
Sapient said it expects the financial performance for the first quarter of 2001 to be "approximately equal" to the fourth quarter. However, the company projected better results for the remainder of 2001, and said it sees full-year 2001 revenue growth of about 25% to 30% over 2000. The company also forecast earnings growth of about 25% over 2000. Analysts on average expect revenue of $508.3 million in 2000 and $714.6 million in 2001.
Sapient ended the day at $15.06 on the
and slipped to $12.13 in after-hours