Sawtek Lowers Second-Quarter Guidance
Sawtek
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warned today that its second-quarter earnings and revenue will be lower than previously projected, citing a slowdown in the wireless communications sector and low order flow and backlog.
For the second quarter ending March 31, Sawtek expects earnings of 22 cents to 24 cents a share. On Jan. 25, the company said it expected to
report flat earnings compared with the year-ago period at 29 cents a share. Nine analysts surveyed by
First Call/Thomson Financial
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currently estimate the company will earn 29 cents a share, down from the original consensus of 43 cents a share.
The company projected second-quarter revenue of $29 million to $31 million, down from its earlier estimates of roughly $37.6 million. For the 2001 first quarter, Sawtek reported earnings that beat Wall Street's raised expectations by 4 cents.
Shares of Sawtek, which makes electronic signal processing components, closed
Nasdaq
regular trading at $17.06, up 50 cents on the day, but slid to $14.44 in after-hours
Island
action. The company also believes revenue and earnings for the year will be below previous estimates.
