BEDFORD, Mass. (AP) — Communications equipment company Acme Packet Inc. said Tuesday that it expects to report higher revenue and equal or better adjusted earnings in the third quarter, but the forecast falls well short of Wall Street expectations.
Its stock fell more than 14 percent in extended trading following the announcement.
Management said its third-quarter results were hurt due to order delays associated with the deployment of a communications infrastructure project. Now the company expects the project to close in the first half of the fourth quarter.
Acme anticipates third-quarter revenue will be $70 million, ahead of the $56.6 million it reported in the same quarter last year.
It expects adjusted earnings per share to range from 20 cents to 22 cents. The company's adjusted earnings amounted to 20 cents a share in the prior-year quarter.
Analysts were projecting adjusted earnings per share of 30 cents on $82.8 million in revenue, according to FactSet.
Acme reports its full third-quarter financial results on Oct. 20.
The company also affirmed its prior earnings and revenue outlook for 2011.
Acme anticipates full-year revenue will range from $315 million to $320 million, and adjusted earnings per share from $1.14 to $1.18. Analysts are expecting adjusted earnings of $1.18 per share on revenue of $325.6 million.
Acme shares tumbled $6.24, or 14.6 percent, to $36.59 in aftermarket trading. The shares rose $2.68, or 6.7 percent, at $42.83 during the regular session.
0 comments:
Post a Comment