stock was dropping Friday, a day after the company lowered its full-year guidance, citing a reduction in Asian demand and continued softness in telecommunications infrastructure markets.
The company still expects second-quarter revenue to be flat to up slightly from the $71.7 million recorded in the first quarter. TriQuint said it will take restructuring charges of about $3 million in the quarter, leading to a loss of 11 cents to 14 cents a share. The company also foresees a charge related to the restructuring of an operating lease for a Richardson, Texas, facility, but the amount won't be known until later.
For the full year, TriQuint said that because of order patterns in the current quarter and the resulting projections for the remainder of 2003, "it will be difficult to achieve" $320 million in revenue, which was previously given as the low end of the company's expected range. Revenue will more likely be $290 million to $310 million.
The company now believes that its loss for the year could range between 26 cents and 36 cents a share.
Analysts polled by Thomson First Call expect TriQuint to lose 10 cents in the second quarter and 30 cents for the year. Wall Street is looking for a top line of $73.2 million in the quarter and $315.8 million for all of 2003.
"Although we are meeting our
second-quarter financial objectives we anticipate a relatively short term, one to two quarter, revenue impact associated with a slowdown in demand from Asia, and the continuing softness in telecom infrastructure markets will affect our results in the second half of 2003," the company said in a press release.
Shares of TriQuint were falling 94 cents, or 17%, to $4.47 in recent