HOLTSVILLE, N.Y.—Symbol Technologies Inc. said its third quarter earnings per share, to be officially released following market close Thursday, October 18, should be in line with previous analyst estimates, but revenues will likely be down.
The company said it will meet analysts’ 5 cents per share expectations, but revenues will be approximately $330 million, $15 to $20 million lower than analyst estimates. Symbol blamed “worldwide logistics disruptions in September” for the low revenue expectations. In addition, Symbol said its manufacturing restructuring initiatives could generate about $27 million (pretax) in annual savings and $60 million (pretax) in charges for the quarter, versus the expected $25 million in savings and $50 million in charges.
The market reacted positively to the news—Symbol shares were up 8.77 percent, to $12.40, Friday afternoon.
