Technitrol falls to 52-week low on Q2 revenue outlook
Technitrol Inc. (NYSE:TNL) slumped to a 52-week low Wednesday after the electronic components producer cut its second-quarter revenue outlook. The Trevose, Pa.-based company expects revenues to be about $320 million, down from $330 million. The revision is due to lowered demand for high-margin electronic equipment components, the recent earthquake in China that impacted a components factory and higher-than-anticipated expenses, the company said. Technitrol will report its second-quarter earnings on July 24.
On Wednesday, shares of Technitrol fell more than 12% to $14.75.
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