PLT - Plantronics stock plunges after supply shortages drive downside forecast
Plantronics (PLT) shares are down over 20% pre-market after downside guidance due to component shortages offset the fiscal Q4 beats.In Q4, revenue was up 17% on the year to $478M and adjusted EPS was $1.23, which was 30% above estimates."We executed well during an extraordinary time to complete Poly's turnaround and produce results," says CFO Chuck Boynton. "We've strengthened our balance sheet and have given ourselves flexibility by refinancing and retiring debt; we've managed costs while investing in new products and technologies; and we're improving our supply chain. While we see new challenges ahead, including tightness in component markets which will affect near-term revenue, we believe we are better positioned today to manage these challenges. Everyone at Poly is focused on delivering growth."For Q1, the company forecasts $410-430M in revenue (consensus: $438.76M), adjusted EPS of $0.35-0.55 (consensus: $0.79), and adjusted EBITDA of $50-60M.Earnings press release.
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Plantronics stock plunges after supply shortages drive downside forecast