NEW YORK-Shares of equipment maker Andrew Corp. jumped 13 percent after it raised its revenue forecast for the second quarter.
The company said its second-quarter earnings will range between 4 cents and 6 cents per share, including charges. This trumped analyst prediction of 6 cents, excluding charges.
The company also projects a revenue mark of between $440 million and $450 million as against earlier forecasts of $350 million to $380 million.
“We experienced a normal seasonal decline early in the quarter, as well as expected start-up costs associated with our new manufacturing facilities and certain new products,” said Andrew Corp.’s President and Chief Executive Ralph Faison. “However, orders and revenues improved sequentially during the quarter.”
