OSI Systems (OSIS) Plunges 12% On Revenue Woes
April 26, 2010 4:15 PM
Shares of OSI Systems, Inc (NASDAQ: OSIS) plunged on Monday when the specialized electronic systems manufacturer released mixed financial results.
OSI Systems, Inc reported that its fiscal 3rd quarter profit more than doubled to $6.1 million, or 33 cents per share, up from $2.6 million, or 15 cents per share, a year earlier.
Excluding special items, OSI Systems reported a profit of 36 cents per share.
However, revenue growth was a sluggish 1%, rising to $145.4 million, up from $144.1 million a year earlier.
A poll of analysts conducted by Thomson Reuters, showed an average Wall Street estimate of expected earnings of 33 cents per share, on revenue of $158 million.
OSI Systems' guidance also disappointed investors, with the company forecasting 4th quarter revenue of $153 million to $167 million, compared to the average analyst estimate of $173.6 million.
The stock closed down 12% for the day with volume of nearly 1.2 million shares, more than 4 times the daily average volume of 264,705 shares.
