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IEC Electronics Corp. reported a drop in first-quarter profit and sales, due in part to a shifting of business, a technical delay for a new customer product and softening demand from some industrial customers.
Shares of IEC (AMEX: IEC) were trading midday at $5.54, down 13 percent from Monday’s close of $6.38.
The Newark, Wayne County firm reported net income of $239,000, or 2 cents a diluted share, on sales of $33 million. That compares with net income of $948,000, or 9 cents a diluted share, on sales of $33.9 million a year ago.
Analysts had expected earnings of 17 cents a share on revenues of $35.8 million.
Last year’s results included $571,000 of net income, or 6 cents a diluted share, which was associated with a clawback from its 2010 acquisition of Southern California Braiding.
Barry Gilbert, IEC chairman and CEO, called the first-quarter results disappointing. He noted that while the company’s operations in the western half of the United States, primarily supporting military and aerospace customers, did well, it was not enough to offset the shortfall at IEC’s Newark facility.
IEC is lowering its sales growth forecast for the year to 6 percent to 9 percent from 9 percent to 14 percent. The firm logged sales of $145 million in fiscal 2012.
IEC ranked 15th on the most recent Rochester Business Journal list of manufacturers with 592 workers.
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