HOLTSVILLE, N.Y.-Symbol Technologies Inc. reported record revenues for the fourth quarter, but its outlook dipped slightly below analyst expectations. Symbol’s stock was down almost 11 percent following the news to about $15.87 per share.
Symbol reported revenues for the fourth quarter of $450.5 million, just above analyst expectations of $449.3 million, according to Thomson First Call. The numbers represent a 15-percent increase on the $393 million in revenues Symbol reported in the same quarter a year ago. The company’s fourth-quarter net earnings were $28.5 million, or 11 cents per share, compared with $16.2 million, or 7 cents per share, in the same quarter a year ago. Analysts polled by Thomson First Call predicted Symbol would report earnings per share of 10 cents for the quarter.
“Fourth-quarter 2004 and the year were validation of the hard work, effort and results of our associates and channel partners,” said William Nuti, Symbol’s president and chief executive officer. “I want to recognize and thank them for their focus and execution. During the last year, Symbol has undergone significant changes in management that positively influenced customer and partner satisfaction, bottom-line results, cash flow and productivity, and provided us a strong foundation of business and financial controls. We look forward to 2005 and beyond with confidence and excitement.”
Symbol said it expects first-quarter revenues of $465 million and earnings per share of between 10 cents and 11 cents. Analysts expected $464.5 million in revenues and 12 cents earnings per share.
