WECT TV6 - WECT.com - Wilmington, NC news and weather - China Security&Surveillance shares drop
Member Center:
 |
 |
NEW YORK (AP) - Shares of China Security&Surveillance Technology Inc. tumbled Wednesday as the company's third-quarter profit and sales missed Wall Street forecasts by a wide margin.
The company, which provides surveillance software and hardware, more than doubled its profit to $22 million, or 41 cents per share, compared with $9.1 million, or 20 cents per share, in the same quarter a year ago.
Sales climbed 34 percent to $159.8 million from $119.3 million.
But analysts polled by Thomson Reuters had predicted 58 cents per share on sales of $177.5 million.
Shares dropped 78 cents, or 13 percent, to $5.33 in afternoon trading.
The company reiterated its outlook for the full year. It expects earnings of 95 cents to 98 cents per share on sales of $600 million to $630 million.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
