Haemonetics Cuts FY16 Outlook

(RTTNews) - Haemonetics Corp. (HAE), Monday detailed an outlook for the second quarter, and slashed its guidance for the full year 2016.

For the second quarter, the company expects adjusted earnings of about $0.40 per share on revenues of around $220 million. Analysts polled by Thomson Reuters currently estimate earnings of $0.39 per share on revenues of $226.5 million for the quarter. Analysts' estimates typically exclude one-time items.

For the full year 2016, the company now expects adjusted earnings of $1.65 to $1.75 per share and revenues of $910 to $920 million, representing 0-1 percent growth. Analysts currently estimate earnings of $2.02 per share on revenues of $946.75 million for the year.

Earlier, the company expected earnings of $1.98 to $2.08 per share and revenue growth of 4 to 6 percent.

The company indicated that the shortfall in second half revenue is attributable principally to continuing deterioration in the market for its products in Russia, challenges in the pace of implementation of a contracted market share gain in Japan and re-assessment of the timeline for penetration of recently introduced software products.