Anaren, Inc skids after issuing guidance below expectations
Shares of Anaren, Inc. (Nasdaq: ANEN) are losing ground in after-hours trading after the wireless company that manufactures microwave and radio frequency components guided below analyst expectations for its first fiscal quarter.
For the three months ending Sept. 30, the East Syracuse, NY.-based company said it expects net earnings per diluted share to be in the range of $0.13-$0.16, well below the $0.29 predicted by a single analyst surveyed by Thomson Financial.
Anaren said it expects net sales to be in the range of $30 million to $32 million for the first quarter, in the range of the consensus of two analysts polled by Thomson Financial of $30.60 million.
Anaren attributed the lowered guidance to an expected decline in demand for wireless infrastructure products, an increase in demand for consumer component products and a decrease in sales for its Space & Defense segment as a result of an anticipated decline in sales of counter-improvised explosive device related components.
For the fourth quarter the company recorded net income of $4.3 million, or $0.25 per diluted share, up 20% from $3.6 million, or $0.20 per diluted share a year earlier.
Excluding stock based compensation expense, net income for the fourth quarter of fiscal 2007 was $5.1 million, or $0.29 per diluted share, compared with $4.3 million, or $0.24 per share for the fourth quarter of fiscal 2006.
Three analysts polled by Thomson Financial were expecting earnings of $0.23 per share.
Shares of Anaren slid 6.46%, or $1.11, to $16.06 in after-hours trading.
