Tech Industry

Remec hurdles 3Q estimates

Remec gave its investors some good news Monday when it topped analysts' estimates in its third quarter, earning $5 million, or 11 cents a share, on sales of $78.8 million.

First Call Corp. consensus expected the maker of high frequency subsystems used in the transmission of voice, video and data traffic over wireless communications networks to earn 10 cents a share in the quarter.

Separately, the company announced that Nicholas Randall, an executive vice president, will join its board of directors in place of Joseph Lee.

The $78.8 million in sales marks a 63 percent improvement from the year-ago quarter when it lost $1.1 million, or 3 cents a share, on sales of $48.4 million.

Ahead of the earnings report, Remec (Nasdaq: REMC) shares inched up 13 cents to $15.94.

The stock moved as high as $38.13 in March after falling to a low of $7.38 last December.

All four analysts following the stock rate it a "strong buy."

Analysts are looking for a profit of 34 cents a share in the fiscal year.