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Advanced Fibre reinforces 4Q view

    Advanced Fibre Communications reiterated its fourth-quarter sales and earnings targets after the bell Tuesday, hoping this reassurance would help revive its struggling stock.

    Advanced Fibre (Nasdaq: AFCI) shares closed off $2.50, or 11 percent, to a 52-week low of $20 ahead of the statement.

    Company officials said it expects to record sales of between $115 million to $118 million, roughly flat with the third quarter, and earnings of 16 cents a share.

    First Call Corp. consensus is looking for 16 cents a share in the quarter.

    Last quarter, it earned $12.9 million, or 15 cents a share, on sales of $114.1 million.

    The stock moved as high as $89.38 in March before falling to Tuesday's low.

    Ten of the 13 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.

    Analysts are expecting a profit of 73 cents a share in fiscal 2001.