Plantronics Tank 15% On Weak Q1 Outlook

(RTTNews) - Shares of Plantronics Inc. (PLT), now known as Poly, slipped over 15% on extended trading session Thursday after the business audio and video products maker's outlook for the first quarter fell short of estimates.

Looking forward to the first quarter, Poly expects adjusted earnings of $0.35 to $0.55 per share and revenues of $410 million to $430 million. Analysts polled by Thomson Reuters currently estimate earnings of $0.82 per share on revenues of $441.2 million.

"The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain," the company said in a statement.

For the fourth quarter, Poly reported net income of $11.0 million or $0.25 per share, compared to a loss of $677.9 million or $16.94 per share last year. Last year's results included a goodwill impairment charge of $489.1 million.

Excluding items, adjusted earnings were $53.6 million or $1.23 per share for the period, compared to $11.9 million or $0.30 per share. Analysts had expected earnings of $0.93 per share.

Revenue for the quarter rose to $$476.3 million from $403.0 million last year. Analysts had a consensus revenue estimate of $455.69 million for the quarter.

Separately, Poly announced that its ticker symbol on the NYSE will change to "POLY" at the open of market trading on Monday, May 24, 2021. Poly, formerly Plantronics and Polycom, has traded under the ticker "PLT" since Plantronics' initial public offering in 1994.

PLT closed Thursday's trading at $36.99, down $0.69 or 1.83%, on the NYSE. The stock further dropped $15.27% in the after-hours trade.