KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comSymmetry Medical slashes profit and revenue goals
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WARSAW, Ind. (AP) - Symmetry Medical Inc. slashed its annual profit and revenue forecasts on Monday, saying demand from orthopedic and non-orthopedic customers has been weaker than expected.
Symmetry now expects a profit of 63 cents to 68 cents per share, down from 77 cents to 85 cents per share. It lowered its revenue forecast to a range of $355 million to $365 million, from $385 million to $405 million.
On average, analysts surveyed by Thomson Reuters forecast a full-year profit of 80 cents per share on revenue of $391.3 million.
In afternoon trading, the company's stock dropped $1.74, or 18.2 percent, to $7.82.
Symmetry said orders have been reduced more than expected, especially in recent weeks. The company said it is cutting costs in response to the decreased demand, though it did not provide specifics.
The company is scheduled to report quarterly results next week.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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