Knowles Cuts Q3 Guidance - Quick Facts

(RTTNews) - Knowles Corp (KN), a provider of micro-acoustic solutions and specialty components, said Thursday it now expects third-quarter adjusted earnings of $0.36 to $0.40 per share and sales of $301 million. Earlier it projected earnings of $0.45 to $0.52 per share and sales of $310 million to $330 million.

Analysts polled by Thomson Reuters expect earnings of $0.48 per share on sales of $319.3 million for the quarter.

Knowles said that production and shipments of a new version of its MEMS microphone was placed on temporary hold due to a low level defect that was discovered during the ramp up of the microphone product. This hurt sales by more than $20 million. The company said the cause for the defect has been identified and that corrective actions are in place.