ORLANDO, Fla.-Sawtek Inc., which makes electronic signal processing components for the wireless industry, reported fourth quarter earnings above analyst expectations, but it warned of a slowdown in sales for this year.
Wall Street jumped at the news, sending the company’s stock down 32 percent Friday to about $26 per share in afternoon trading. In addition, USB Piper Jaffray, Raymond James and JP Morgan all downgraded the company’s stock.
Sawtek reported net sales of $47.8 million for the quarter, ended Dec. 31, 2000, which is 50-percent higher than the company’s sales in the same quarter last year. The company’s net income was $20.1, or 46 cents per share.
However, the company said this year’s earnings wouldn’t be much over last year’s, citing a slowdown in the economy and in the wireless industry, lower prices and an inventory build-up from last year.
