IEC Electronics (NYSE: IEC) Reports Disappointin
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Posted On: 02/14/2013 9:39:13 AM
IEC Electronics (NYSE: IEC) Reports Disappointing Q1 Earnings: Should Investors Give It A Second Look?
IEC Electronics (NYSE: IEC) reported Q1 2013 earnings on Tuesday, February 5th 2013. Performance during the quarter, which ended December 28 th 2012, was less than impressive. Although IEC managed to keep its head above the break-even point, its income and revenue dipped notably when compared with figures from the same quarter in the previous year. The highlights of the disappointing earnings include a 2.25 percent year-over-year decline in revenue. Quarterly net income also dipped to $239 thousand from $948 thousand in fiscal 2012 Q1. To add to the already dismal news, company CEO Barry Gilbert lowered the company’s revenue forecast for fiscal 2013 from about 14 percent to around 9 percent.
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