Symbol Matches Estimates and Lowers Guidance, Confirms SEC Probe

Symbol Technologies posted results in line with estimates, but lowered its full-year guidance.

Author:: Michael Dunn
Publish date:: Apr 19, 2002 9:52 AM EDT

Symbol Technologies

(SBL)

matched analyst estimates, but the company cautioned that full-year results would be below the company's previous guidance.

The data transaction company said it earned $7.6 million, or 3 cents a share, before charges, compared with earnings of $27.9 million, or 12 cents a share, in the year-ago period. According to Thomson Financial/First Call, analysts had been expecting the company to earn 3 cents a share.

Revenue for the quarter was $301.3 million, down from $450.3 million in the year-ago quarter and below the consensus estimate of $312 million. The company said the shortfall was due to international IT spending weakness.

For 2002, the company said visibility remains limited, but it forecast full-year EPS in the range of 20 cents to 25 cents on revenue of $1.3 billion, below the company's earlier guidance of 30 cents per share on revenue of $1.4 billion. Analysts polled by First Call were expecting EPS of 29 cents on revenue of $1.38 billion.

The company also confirmed in a conference call that it is under investigation by the Securities and Exchange Commission for its accounting practices. Shares of SBL were recently down 13% to $9.45.