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Tech Industry

Ditech drops on 3Q warning

    Ditech Communications (Nasdaq: DITC) joined a host of telecom companies after warning that third quarter results would miss estimates due to shipping delays and a slowdown in infrastructure spending.

    Shares of the maker of equipment and optical communications products lost over 32 percent, down 3.47 to 7.16.

    For the quarter, the company now sees earnings of between pro forma break-even and a loss of 5 cents a share, on revenue of $12.5 million to $14 million. First Call analyst estimates had called for a profit of 46 cents per share.

    The company also cut its fiscal 2001 numbers, predicting pro forma earnings of 84 cents to 95 cents per share on revenue of $120 million to $125 million. The reduced numbers are well below the $1.86 per share the Street had forecast for the year.

    "Internally, we are taking steps to address the issues within our control, including improving our forecasting and broadening our sources of supply," said President and CEO Tim Montgomery.