Double-Take slightly reduces 3rd-quarter outlook
Double-Take Software Inc., a Southborough company that makes software for guarding against data loss, today slightly reduced its third-quarter forecast for adjusted earnings and revenue after customers in Europe and the United States delayed deals.
The company's shares tumbled $1.77, or 20.2 percent, to $6.98 in morning trading on the Nasdaq Stock Market. Earlier, the stock hit a 52-week low of $6.75. The stock has ranged from $8.58 to $26.54.
Double-Take said it expects to report profit of 10 cents to 11 cents per share on revenue between $23.8 million and $24 million for the quarter. Adjusted to exclude items, the company expects income between 14 cents and 15 cents per share.
Its previous forecast was for adjusted earnings of 15 cents to 16 cents per share on revenue of $25.7 million to $26.3 million.
Analysts project earnings of 15 cents per share on revenue of $25.8 million, according to Thomson Reuters.
"The deals in question generally were our larger opportunities," said Chief Executive Dean Goodermote "This apparent push of business is atypical for Double-Take and has not been experienced to such extent previously in the U.S. market."
Double-Take plans to report earnings Oct. 28. (AP)
