Analogic Profit Drops, But Tops View - Update

(RTTNews) - Analogic Corp. (ALOG) Tuesday reported a drop in profit for the second quarter, hurt largely by a decline in revenues. Earnings for the quarter came in ahead of Wall Street expectations, while revenues fell short of estimates.

Peabody, Massachusetts-based Analogic's second-quarter profit dropped to $9.8 million or $0.78 per share from $19.3 million or $1.53 per share last year.

The electronics product maker's adjusted earnings for the quarter declined to $1.08 per share from $1.17 per share a year ago. On average, three analysts polled by Thomson Reuters estimated earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $133.9 million from $141.4 million a year ago. Analysts had a consensus revenue estimate of $137.6 million for the quarter.

Moving ahead, CEO Jim Green said, "We are maintaining our fiscal 2015 outlook of revenue growing mid-single digits with a 1-2 point improvement in non-GAAP operating margin."

ALOG closed Tuesday's trading at $85.42, down $2.10 or 2.40%, on the Nasdaq. The stock further dropped $0.42 or 0.49% in the after-hours trade.