Shares of Martek slide on lowered forecast

Shares of Martek Biosciences Corp. slid Thursday after the maker of nutritional oils and dietary supplements forecast a second-quarter profit short of analyst expectations.

Shares shed $2.12, or nearly 12 percent, to $16.11 in afternoon trading.

On Wednesday, Martek posted a jump in first-quarter profit, meeting Wall Street expectations. For the three months ending Jan. 31, net income was $9.6 million, or 29 cents per share. That was up 11 percent from $8.7 million, or 26 cents per share, in the year-earlier period.

Revenue gained 5 percent to $87.4 million from $82.9 million a year earlier. The boost was the result of greater infant formula sales, particularly outside the United States, the company said.

Martek said it expects a second-quarter profit of 27 cents to 31 cents a share on revenue of $87 million and $92 million.

That was lower than the 32 cents per share on $94.2 million forecast by analysts polled by Thomson Reuters.

Martek said that while it expects moderate growth for 2009, it might not meet previous forecasts if the recession remains deep and prolonged.