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By Colin Kellaher
Helios Technologies shares tumbled to a new 52-week low Tuesday after the provider of motion-control and electronic-controls technology posted disappointing quarterly earnings and lowered its full-year guidance.
Shares of the Sarasota, Fla., company were recently changing hands at $52.66, down nearly 16%, after touching a 52-week low of $48.03 earlier in the session.
Helios reported second-quarter adjusted earnings of 81 cents a share, shy of the 84 cents that analysts polled by FactSet, on average, were expecting.
Revenue fell 6% to $227.6 million, topping the $222.1 million Wall Street was looking for, but Helios lowered its full-year revenue and profit guidance.
The company said it now expects adjusted earnings of $3.04 to $3.12 a share from the year, down from a prior forecast of $3.95 to $4.10 a share, while revenue is now expected to come in at $880 million to $900 million, down from previous guidance of $910 million to $940 million.
Helios said the reduced guidance reflects a disruption to operations related to a pull-forward of investments in manufacturing and capacity to meet growing demand, along with reduced visibility for the rest of the year due to lackluster economic conditions in the Asia-Pacific region.
Write to Colin Kellaher at [email protected]
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