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Hummingbird slides on shoddy outlook

    Hummingbird shares tumbled $3.69, or 13 percent, to $24.44 Tuesday after it warned that its second-quarter sales and earnings will fall short of analysts' estimates.

    The company said it now expects to earn between 33 cents and 37 cents a share in the quarter on sales of between $57 million and $60 million.

    First Call consensus expected it to earn 44 cents a share on sales of $64.5 million.

    The enterprise software company develops applications for host connectivity, data exchange and information management, among other things.

    "We have recently seen customers delaying IT spending as they continue to assess the impact of current economic conditions to their business," said Chief Executive Officer Fred Sorkin in a prepared release. Customer delays in orders for the connectivity products have resulted in lower repeat sales this quarter for these customers, he said.

    Last quarter, it earned $7.6 million, or 41 cents a share, on sales of $60.4 million.

    Its shares moved as high as $58.94 last March before falling to a low of $23 in October.

    All eight analysts tracking the stock rate it either a "buy" or "strong buy."

    Analysts were projecting earnings of $2.03 a share on sales of $275 million in the fiscal year.