Shares of Spectrum Control Inc. hit a two-year low on Thursday after the maker of electronic-control products said its second-quarter profit sank 21 percent and predicted its third-quarter profit will fall even further.
The stock fell 48 cents, or 6.2 percent, to $7.31. Earlier in the session, the stock fell as low as $6.65, a trade not seen since 2006.
Late Wednesday, the Fairview, Pa., company said its quarterly profit fell to $2.2 million, or 16 cents per share, due to fewer-than-expected shipments.
The company said its total customer orders jumped 20 percent in the quarter. However, many of the orders were not required to be shipped to customers until later in the year or into fiscal 2009, the company said.
Spectrum Control also said its third-quarter profit will come in even lower, and guided for between 16 and 19 cents per share.
Shares of Spectrum Control have tumbled nearly 50 percent since the start of the year.
Terms & Conditions
RSS Headlines
Fool UK