Acuson’s stock falls after Q3 results
Ultrasound company Acuson became the latest public company to pay the price for failing to meet Wall Street expectations. The company saw its share price shed 21% following release of flat third-quarter results and subsequent downgrades by several
Ultrasound company Acuson became the latest public company to pay the price for failing to meet Wall Street expectations. The company saw its share price shed 21% following release of flat third-quarter results and subsequent downgrades by several investment firms.
For the period (end-October), Mountain View, CA-based Acuson had revenues of $102.9 million, a 2.8% increase compared with the $100.1 million posted for the same quarter last year. Net income was $4.2 million, compared with $4.5 million reported in 1997. Earnings per share were unchanged from last year and were a penny below consensus Wall Street expectations. The news prompted the companys stock to fall from $19.06 a share to $15 on Oct. 29, the day after the news was announced.
While pleased with growth in the firms U.S. and European businesses, chairman and CEO Samuel Maslak cited significant weakness in selected other international markets as adversely impacting the financial results. In recognition of continued volatility in international markets, Acuson is taking steps to adjust its business and keep expenses in line with current revenue outlook for the fourth quarter and 1999, Maslak said.
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