Pike Electric slides 20% on disappointing fiscal 2009 guidance
Shares of Pike Electric (NYSE:PEC) plunged by nearly 20% this morning after the Mount Airy, N.C.-based company projected it would earn less than expected in its upcoming fiscal year.
For the fiscal year ended June 30, 2009, Pike said after the market closed on Thursday that it expects to earn between $0.55 to $0.65 per share. Analysts polled by Thomson First Call on average were expecting the company to earn $0.75 per share for the year.
Pike cited current economic conditions, diesel fuel cost fluctuations and storm volatility among the factors for the guidance.
By mid-morning, Pike is at $15.34, down $3.66 from Thursday's close. The stock has traded between $12.75 and $21.16 in the past year.
For detailed price information and news stories on Pike Electric, click PEC.
