Sector Update: Technology
Technology stocks were slightly lower this afternoon with shares of technology companies in the S&P 500 falling about 0.2%.
In company news, Measurement Specialties ( MEAS ) shares advanced Tuesday after the sensors manufacturer reported adjusted per-share earnings during its fiscal Q4 that handily beat analyst estimates as raising its outlook for FY15 revenue.
MEAS shares were up nearly 6% at $67.38 apiece shortly before the closing bell, earlier climbing to a session high of $67.60 a share. The stock has a 52-week range of $42.70 to $68.95 a share, advancing about 48% over that span.
The company reported net income of $9.3 million, or $0.56 per share, during the three months ended March 31, up from $9.1 million during the same quarter last year. Excluding one-time items, its adjusted net income rose to $17.4 million, or $1.05 per share, from $14.2 million last year and beating analyst projections for the period by $0.49 per share, if applicable.
Revenue rose 17.9% year over year to $104.9 million, edging out the Capital IQ consensus by around $200,000.
For the 12 months ended March 31, revenue rose 18.9% over the prior-year period to $412.7 million. The company earned $37.8 million, or $2.26 per share, in its latest fiscal year, up from a $34.2 million profit in FY13.
MEAS also boosted its forecast for revenue during the current fiscal year ending next March to around $540 million, reflecting over $100 million in expected contributions over the next 10 months from its Wema acquisition and exceeding analyst projections by around $127.5 million.
In other sector news,
(+) IDCC, Forecasts Q2 revenue in a range of $172 mln to $210 mln, crushing analyst projections the mobile communications equipment company to generate just $48.6 mln in revenue. Also signs multi-year, royalty-bearing patent license pact with Samsung.
(-) AEIS, CEO Garry Rogerson announces plans to step down as soon as a successor can be identified and hired.
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