Anaren sheds 12% to low for year on weak Q4 estimates
Anaren Inc. (Nasdaq:ANEN) is off 12% to a 52-week low today after announcing that its fourth-quarter earnings would fall below previous estimates. Anaren said net income for the quarter ended June 30 is expected to be below the previous estimate of $0.12 to $0.16 per share. Wall Street is expecting $0.20 per share. The East Syracuse, N.Y.-based microwave components provider expects net sales to be between $30 million and $33 million. The company said net income was impacted by poor yields on several production programs, a cost over-run on a development project and restructuring costs at the Anaren Ceramics subsidiary. The company will report its fourth-quarter earnings on Aug. 6.
In today’s trading Anaren shares are at $9.55 at 11:14 a.m. ET, down $1.28 from Friday’s close. During the past year, shares have ranged from today’s low of $9.51 to a high of $19.
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