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Tech Industry

4Q warning sinks Artesyn

    Artesyn Technologies, Inc. (Nasdaq:ATSN) saw its shares drop over 34 percent Friday on the news that it will fall short of estimates in its fourth quarter.

    Shares of the company, which makes power conversion and industrial automation equipment for the communications industry, fell 8.5 to 16.13.

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    In a release, the company said it now expects revenue to fall between $170 million and $180 million, which is 6 to 11 percent below estimates. Earnings per share will come in at 22 to 25 cents a share, well off First Call's consensus estimate of 39 cents a share.

    According to the company, revenue was dented by the postponement of shipments by several customers. Earnings also slumped due to lower sales, manufacturing inefficiencies, and premiums payed to make critical shipment dates.

    "The recent postponements of Q4 shipments by several customers is isolated and expected to abate by the end of the first quarter," said CEO Joseph M. O'Donnell.

    O'Donnell added that the company was concerned about continued supply disruptions from component vendors that could impact shipments to its customers through the second quarter of 2001.