ZAGG Q2 Sales To Miss Estimates, Again Cuts FY Outlook; Stock Down - Update

(RTTNews) - ZAGG Inc. (ZAGG) Tuesday said it expects second-quarter sales to miss Wall Street estimates, due mainly to the absence of any major device launches from mobile computing makers, weak retail distribution expansion, and softness in the European market.

For the remainder of 2013, ZAGG sees slower retail expansion and sustained softness in Europe, and as a result, cut its full-year sales outlook. Following the announcement, the company's shares tumbled about 15 percent in after-hours trade on the Nasdaq.

ZAGG, based in Salt Lake City, Utah-based, expects second-quarter revenues of $51 million, while analysts polled by Thomson Reuters estimate $59.26 million.

For fiscal year 2013, the company sees revenues of $245 million to $252 million, down from its prior range of $274 million to $280 million. Analysts currently estimate revenues of $273.73 million for the quarter.

ZAGG, a maker of accessories for mobile devices, is scheduled to report its second-quarter financial results on August 1.

ZAGG stock closed Tuesday at $5.86, up 1.21%, on a volume of about 565 thousand shares. In after hours, the stock dropped $0.87 or 14.85%.