Plantronics Q3 Loss Widens, Revenues Miss View; Stock Plunges

(RTTNews) - Plantronics Inc. (PLT) reported that its third-quarter net loss widened to $78.48 million or $1.97 per share from $41.73 million or $1.06 per share in the previous year.

Non-GAAP earnings per share was $0.30 compared to $1.36 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share. Analysts' estimates typically exclude special items.

Total net revenues for the quarter were $384.47 million, down from $501.67 million in the previous year. Non-GAAP net revenues for the quarter dropped to $391.60 million from $530.59 billion in the prior year. Analysts expected revenue of $400.51 million for the quarter.

For the fourth-quarter, the company expects Non-GAAP results to be in the range of loss $0.36 per share - profit $0.19 per share. It projects net revenue to be between $354 million and $394 million; non-GAAP net revenue of $360 million - $400 million. Analysts expect the company to report earnings of $0.51 per share and revenues of $441 million for the fourth-quarter.

The company has declared a quarterly cash dividend of $0.15 per common share, to be paid on March 10, 2020, to all shareholders of record as of the close of market on February 20, 2020.

PLT closed Tuesday's regular trading at $26.88, down $0.59 or 2.15 percent. In the after-hours trade, the stock further dropped $8.54 or 31.77 percent.