China Info Tech (CNIT) Misses Q3 EPS by 11c; Significantly Cuts FY11 Revs, Guides FY12 Revs Below
Tweet
Share
E-mailGet Alerts CNIT Hot Sheet
Join SI Premium – FREE
China Information Technology, Inc. (NASDAQ: CNIT) reported Q3 EPS of $0.02, $0.11 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $28.5 million versus the consensus estimate of $30.07 million.
Sees FY2011 revenue of $100-$110 million, versus prior guidance of $165-$187 million and the consensus of $118.01 million. Adjusted net income is now expected to be between $15 million and $16 million, as compared with the previously announced revenue guidance of $42 million and $45 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.
Sees FY2012 revenue of $110-$125 million, versus the consensus of $126.98 million.
Sees FY2011 revenue of $100-$110 million, versus prior guidance of $165-$187 million and the consensus of $118.01 million. Adjusted net income is now expected to be between $15 million and $16 million, as compared with the previously announced revenue guidance of $42 million and $45 million, excluding any non-cash expenses as a result of employee stock awards, amortization of intangible assets associated with acquisitions and changes in fair value of contingent considerations.
Sees FY2012 revenue of $110-$125 million, versus the consensus of $126.98 million.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
- Edible Garden AG (EDBL) Reports Q2 Loss of $18.79
- Coherent, Inc. (COHR) Tops Q4 EPS by 12c, Offers Guidance
Create E-mail Alert Related Categories
Earnings, Guidance, Hot GuidanceSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
