- This topic has 0 replies, 1 voice, and was last updated 9 years, 9 months ago by
.
-
Posts
-
Bottom Falls Out For Electronics For Imaging
Electronics for Imaging Falls as Sales Miss Estimates
Jan 08 — Electronics for Imaging Inc., the maker of digital printers and inks, fell the most in more than seven years in New York trading after the company reported preliminary fourth-quarter sales that missed analysts’ estimates.Sales for the quarter that ended on Dec. 31 were about $152 million, the Foster City, California-based company said yesterday in a statement. That missed the $163.6 million average estimate of seven analysts polled by Bloomberg.First-quarter sales will be $133 million to $137 million, the company said. Six analysts on average estimated $152.2 million in a Bloomberg survey.Sales were affected by “weak demand” for Fiery digital color printer servers and higher-than-expected operating expenses of about $72 million, the company said in the statement. Weakness in the Fiery business will continue in the first quarter, though inkjet sales are expected to rise 25 percent from a year earlier.Electronics for Imaging fell $5.95, or 31 percent, to $13.22 as of 4 p.m. New York time in Nasdaq Stock Market composite trading, the biggest drop since June 2000. The stock had lost 26 percent during the past year through yesterday, compared with an 8.6 decline in the Russell 2000 Index.
- You must be logged in to reply to this topic.