Tessco Reports Third-Quarter 2020 Financial Results
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Tessco Technologies (TESS) Misses Q3 EPS by 72c, Revenues Miss; Announces Dividend Reduction
January 27, 2020 4:09 PM ESTTessco Technologies (NASDAQ: TESS) reported Q3 EPS of ($0.59), $0.72 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $139.6 million versus the consensus estimate of $150 million.
Quarterly Revenues of $139.6 MillionReprioritizes Capital Allocation to Accelerate GrowthReduces Dividend to $0.02 Per ShareThis quarters weaker-than-expected results were primarily driven by the continuing softness in our Retail segment, said Sandip Mukerjee, President and Chief Executive Officer. The retail business has experienced significant declines in the past year, including the loss of the large customer that we had discussed... More
